explain key microeconomics terminology differentiate between microeconomics and

Question

1. explain key microeconomics terminology
2. differentiate between microeconomics and macroeconomics
3. create and use economics graphs and numerical models to analyse and solve microeconomic problems.
4. explain the costs and benefits of internatinal trade, including calculation of gains from trade.
5. anayze the implact of government activity in markets.
6. determine optimal consumer buying decisions in the context of utility theory.
7. compare and contrast optimal pricising and output decisions in various market structures
8. apply supply and demand theory to both prodcut and factor markets

Explanation / Answer

1) Microeconomics is a field of economic study that focuses on how an individual's behavior and decisions affect the supply and demand for goods and services. For the purpose of microeconomics, the actions of individuals, households and businesses is crucial, unlike the study of macroeconomics, which focuses on national and international economic trends. Despite the differences between the two fields, however, micro-level trends and the study of microeconomics are considered the basis of modern macroeconomics.

2) Definition of economics: Economics comes from Greek word

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.