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Friday, February 20, 2009
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Thursday, February 12, 2009
ECONOMICS
What is Economics?
Economics is the social science which studies how individuals, institutions, and society make optimal choices (the best choice) with scarce resources.
Microeconomics is concerned with decisions made by individual units such as a household, a firm, or an industry, and with individual markets, specific goods and services, products and resource prices.
Macroeconomics is concerned with the economy as a whole. The aggregates of households, businesses, and goverment which measures the total economy.
Economics is the social science which studies how individuals, institutions, and society make optimal choices (the best choice) with scarce resources.
Microeconomics is concerned with decisions made by individual units such as a household, a firm, or an industry, and with individual markets, specific goods and services, products and resource prices.
Macroeconomics is concerned with the economy as a whole. The aggregates of households, businesses, and goverment which measures the total economy.
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