Part - B
unswer the following questions in one or two sentences
21. Define Macro Economics.
22. Define the term 'Inflation.
23. What is meant by an 'Economy'?
24. Classify the economies based on status of development.
25. What do you mean by Capitalism?
26. Define 'Economic Model'.
27. 'Circular Flow of Income' - Define.
Part-
answer the following questions in about a paragraph
Answers
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HEY BUDDY HERE IS UR ANSWER
1. Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.
2. a general increase in prices and fall in the purchasing value of money.
3. An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated.
4.Every economy is classified as low income, middle income (subdivided into lower middle and upper middle), or high income.
5.Capitalism is an economic system in which private individuals or businesses own capital goods.
6.An economic model is a simplified version of reality that allows us to observe, understand, and make predictions about economic behavior.
7. The circular flow income demonstrates how money moves through society.
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