Economics is a study of science that deals with how resources are allocated to their best possible use. Resources in the economy are scarce and therefore should be optimized in their usage. Economics is divided into two distinct branches, namely, macroeconomics and microeconomics....
Demonstrate the difference between macroeconomics and microeconomics using at least 300 words. (a) How do economists define unemployment? (b) With the help of appropriate diagrams, explain the causes of equilibrium and disequilibrium unemployment. (c) Outline the...
Managerial economics refers to the branch of economics that is derived from the subject matter of microeconomics that considers the households and firms in an economy, and macroeconomics that is concerned with the employment rates, interest rates, inflation rates and other macroeconomic variables that c...
How are microeconomics and macroeconomics interconnected? What are the characteristics of money in economics? How do people determine how good a country's economy is? What distinguishes money from other assets in the economy? How does politics affect the economy?
microeconomics and macroeconomics. Microeconomics study the behaviour of firms, consumers, and the role of government; macroeconomics is the study of inflation, unemployment, industrial production, and the role of the government in those. Resource availability and utilization are important in understanding...
Compare and contrast between Keynesian and Neoclassical economics. In an economic system, what does a command system do? Compare macroeconomics and microeconomics. The U.S. economic system is a good example of: a) a command economy. b) a traditional economic system. c) a market economy. d)...
Compare and contrast microeconomics and macroeconomics. Compare and contrast a market economy with a planned (command) economy. What is the role of price in a market economy? What is the role of profi What economic model could overcome capitalism? Identify the advantages ...
Another significant difference between them is that CPI uses a fixed basket which consists of a fixed items being used in tracking down the progress of inflation of an economy; GDP deflator uses comparison of prices products currently produced relative to the prices of goods and serv...
Key Difference - Inflation vs Recession Inflation and recession are two major aspects of macroeconomics, meaning that they affect the economy as a whole;
Describe the differences in economic equity in a traditional economy, a market economy, and a command economy. Compare and contrast microeconomics and macroeconomics. Compare and contrast a market economy with a planned (command) economy. What is the role of price in a market ...