short answer type questions. define microeconomics and macroeconomics.
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Microeconomics is the study of individuals and business decisions
Macroeconomics looks at the decisions of countries and governments
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( i ) Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
( ii ) Macroeconomics means using interest rates, taxes and government spending to regulate an economy’s growth and stability. It is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies.
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