GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ is the study of the behavior of individual players in an economy, such as individuals, families, and businesses. ____ is the study of the behavior of the economy as whole and involves topics such as inflation, unemployment, aggregate demand, and aggregate supply.
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Macroeconomics; Microeconomics
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Microeconomics; Macroeconomics
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Positive Economics; Normative Economics
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Normative Economics; Positive Economics
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Explanation:
Detailed explanation-1: -Microeconomics studies the behavior of individual people and businesses in order to understand why they make the economic decisions they do and how these decisions affect the larger economic system. Microeconomics studies how a particular value is attached to a product or service.
Detailed explanation-2: -The study of the economy as a whole is called macroeconomics.
Detailed explanation-3: -Definition: Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.
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