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Economics is a social science concerned with the allocation of scarce resources amongst unlimited wants. ...
Micro and Macro economics
Distinguish between micro and macro economics, giving clear examples of what each refers to.
Macro economics is the study of the whole economy; factors that affect it and policies that can manipulate it. ...
Micro economics is the study of smaller individual sectors of the economy; factors that affect it and policies that can manipulate it. ...
Until the 1930s, when the Great Depression hit and John Keynes was famous, the vast majority of economics was concerned with microeconomics. ...
The existence of relative scarcity creates choose and opportunity cost and it also means that all economics systems have to answer 3 basic questions.
Approximate Word count = 1136
Approximate Pages = 4.5
(250 words per page double spaced)
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