. Economics is divided into Microeconomics (small scale) & macroeconomics (large scale).
. Microeconomics is the study of the behaviour and decisions of households, firms and individual markets.
. Macroeconomics is the study of the whole economy. For eg: The number of people employed in the economy and the changes in the country’s output.
. Concepts in microeconomics are also used in macroeconomics,
microeconomic decisions add up to the microeconomic picture.
. The decision makers in economics are known as economic agents
(households, firms & government).
. Households seek low prices & quality products, good working conditions, high pay & returns and safety of money.
. Firms (private sector) seek maximum profit.
. Government has many objectives like full employment.
. Microeconomics is the study of the behaviour and decisions of households, firms and individual markets.
. Macroeconomics is the study of the whole economy. For eg: The number of people employed in the economy and the changes in the country’s output.
. Concepts in microeconomics are also used in macroeconomics,
microeconomic decisions add up to the microeconomic picture.
. The decision makers in economics are known as economic agents
(households, firms & government).
. Households seek low prices & quality products, good working conditions, high pay & returns and safety of money.
. Firms (private sector) seek maximum profit.
. Government has many objectives like full employment.