l need correct answer guys pls l 'm nt askg maths or science it is economic pls help me
Answers
Answer:
1.Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
2.Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.
3.An Indifference Curve shows a combination of two goods that give a consumer equal satisfaction and utility thereby making the consumer indifferent. Along the curve, the consumer has an equal preference for the combinations of goods shown—i.e. is indifferent about any combination of goods on the curve.
4.Market Economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
5.Production Possibility and Frontier In business analysis, the production possibility frontier (PPF) is a curve illustrating the varying amounts of two products that can be produced when both depend on the same finite resources. ... The PPF is a decision-making tool for managers deciding on the optimum product mix for the company.
6.The Three Basic Central Problems of an Economy are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.
7.The Law Of Diminishing Marginal Utility states that, all else equal, as consumption increases, the marginal utility derived from each additional unit declines. Utility is an economic term used to represent satisfaction or happiness.
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Answer:
1.Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services. Microeconomics focuses on supply and demand and other forces that determine price levels in the economy. ...
2.
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes and government spending to regulate an economy’s growth and stability. This includes regional, national, and global economies.
3. An indifference curve shows a combination of two goods that give a consumer equal satisfaction and utility thereby making the consumer indifferent. Along the curve, the consumer has an equal preference for the combinations of goods shown—i.e. is indifferent about any combination of goods on the curve.
4.A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand.
5. Production possibilities of an economy refer to different combinations of goods and services which an economy can produce from a given amount of resources and a given stock of technology.
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6.Economic systems as a type of social system must confront and solve the three fundamental economic problems: What kinds and quantities of goods shall be produced, "how much and which of alternative goods and services shall be produced?" How shall goods be produced? ..by whom and with what resources...?"
7.The Law Of Diminishing Marginal Utility states that, all else equal, as consumption increases, the marginal utility derived from each additional unit declines. Marginal utility is derived as the change in utility as an additional unit is consumed.