classical economics Assignments writing must be legible. If I cann mark the assi
ID: 1139572 • Letter: C
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classical economics Assignments writing must be legible. If I cann mark the assignment. nd w anno ill in student name and date 1) Define Microeconomics and Macroeconomics. (10) 2) Define Classical Economics and Keynesian Economics (10) 3) What is inflation? (5) Explain in concise words why inflation is a macroeconomic problem (15) 4) In the domestic circular flow of income, Governments usually provide social transfers to households and Government purchases to firms; - Explain what social transfer is and give an example. 5 Explain what Gov't purchases are and give an example. (5)Explanation / Answer
1) Micro economics refered to the branch of economics which analyse the economy at individual level. that is it deals the concerns of individuals and firms in making decisions regarding thier self interest. at individual level it deals with the utility gains from consumption and maximizing utility concerns and as a firms it concerns with the efficient allocative of resources and how to use the scarce resource in the production. it analyse the market failure and how market reaches the equilbruim.
Macro economics refered to the branch of economics which analyse or study the economy at economy as a whole level. it includes national and global economics. it includes the study of maco economics indicators such as GDP, unemployment level, natinal income, price level or inflation.
2) please upload it againt. it against chegg policy.
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