________studies the behaviors of individuals and specific markets.________studie
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________studies the behaviors of individuals and specific markets.________studies the economy as a whole. "Everyone should have to learn something about economics in order to make more informed choices as consumers and voters." "If a government tax on gasoline causes the price of gasoline to increase, people are likely to decrease the amount of gasoline they buy." "Individuals should be able to decide whether their social security contributions are kept in less risky government bonds or more risky stocks." refers to the physical plant and equipment used in production. are the innovators and risk-takers who combine resources to produce an output. John has observed that the stock market performs better in years when his favorite football team makes the playoffs. Therefore, he purchases more stock when his team is winning and sells off his stock when his team is losing. Anne works in the technical support industry and argues that since policies designed to discourage outsourcing would protect her job and make her better off, society as a whole would benefit from policies that discourage outsourcing. If the economy as a whole is better off due to free trade, then each member of the economy must also be better off as a result of free trade.Explanation / Answer
Explanation:- Microeconomics studies economic problems or economic issues at the level of an individual - an individual firm, an individual household or an individual consumer. Macroeconomics, on the other hand, studies economic problems or economic issues at the level of the economy as a whole.
Explanation:- Positive Economic Statements describes what was, what is and what would be under the given set of circumstances. All these statements are capable of emphirical verification. These statements do not pass any judgements. These statements do not offer any suggestion about facts.
Normative Economic Statements describe 'What Ought to be / What Should be". The objective of these statements are to determine the norms or aims. These statements pronounce value judgement. These are opinions relating to right or wrong of a particular policy matter, and are always a matter of debate.
Questions Answers 1. Microeconomics. 2. Macroeconomics.Related Questions
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