MICROECONOMICS AND MACROECONOMICS CHAPTER 5

Question 1

Define Microeconomics

Answer 1

Study of the behvoir of housholds, firms and indivisual market performance.

Question 2

Define Macroeconomics

Answer 2

Study of the economy as a whole. Some Macroeconomics quantitys are GDP, GNP and employment. ETC

Question 3

Define Market

Answer 3

A market is an arrangment that bring buyers and sellers together.

Question 4

What are resource allocation decision makers also called as?

Answer 4

Economic agents

Question 5

Give examples of a few microeconomic decision makers

Answer 5

Housholds,firms etc

Question 6

Give an example of a macroeconomic decision maker

Answer 6

Government