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macroeconomics - overall aspects and workings of economy - big picture example of macroeconomics is the economy in Japan in recession? opportunity cost highest-valued alternative that must be sacrificed; every decision gives something up goal of opportunity cost ...
macroeconomics the study of economic aggregate variables (something that gets summed up in the economy -- GDP) positive economies "how DO things work" (ex. how does something impact market behavior) normative economics "how SHOULD things work (ex. making value judgements and considering ethical be...
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