What is the key term in the definition of economics? Why study both macroeconomics and microeconomics?

What is the key term in the definition of economics?

Why study both macroeconomics and microeconomics? Give examples.

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Expert Solution

Ans) economics is a branch of knowledge deals with the production, consumption and transfer of wealth. It suggests the use of use scarce resources in order to satisfy our needs.

Macroeconomics helps to improve the ability to interpret economic information by giving the understanding of what is happening in the global and national economy. Examples are unemployment, inflation and economic growth

Microeconomics helps us to study the behaviour of individual households and firms. Example; prices of individual markets

Rahul Sunny answered 1 year ago

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