Question

12
Notes
INTRODUCTION TO THE STUDY
OF ECONOMICS
Economics is a vast subject encompassing various topics related to production,
consumption, saving, investment, inflation, employment and unemployment,
national income, international trade, quality of life, fiscal policy, monetary policy
etc so on and so forth. The list is unending. From the point of view of better
understanding of the subject and finding a solution to the problem, it is imperative
to know the nature of the economic issue under study and the area or branch under
which the issue is dealt with.
OBJECTIVES
After completing this lesson, you will be able to:
understand the meaning of economics;
• distinguish between positive and normative economics;
differentiate between micro and macroeconomics and highlight their
components;
examine the significance of microeconomics and macroeconomics; and​

Answer 1

Answer:

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