Chapter-5 Flashcards
Microeconomics and Macroeconomics (5 cards)
1
Q
What is microeconomics?
A
Microeconomics is the study of the behaviour of households and firms, and the performance of individual markets.
2
Q
What is macroeconomics?
A
Macroeconomics is the study if the whole economy.
3
Q
What is market?
A
Market is an arrangement which brings buyers into contact with sellers.
4
Q
Who are economic agents?
A
Economic agents undertake economic activities and make economic decisions.
5
Q
What is private sector?
A
Private sector are firms owned by shareholders and individuals.
