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Questions and Answers
Which sector of the economy is primarily responsible for providing public services?
Which sector of the economy is primarily responsible for providing public services?
- Government Sector (correct)
- Household Sector
- External Sector
- Producing Sector
According to John Maynard Keynes, what is crucial for reducing unemployment?
According to John Maynard Keynes, what is crucial for reducing unemployment?
- Deregulating the Government Sector
- Restricting international trade
- Maintaining full employment and addressing aggregate demand (correct)
- Increasing production capacity
What does microeconomics focus on?
What does microeconomics focus on?
- International trade relations
- Aggregate demand management
- Individual economic units (correct)
- Overall economy performance
Which economic unit includes individuals and institutions making consumption and production decisions?
Which economic unit includes individuals and institutions making consumption and production decisions?
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What is the primary role of the external sector in an economy?
What is the primary role of the external sector in an economy?
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Study Notes
Economics
- Studies how people, institutions, and society make choices under conditions of scarcity
- Divided into microeconomics and macroeconomics
- Microeconomics focuses on individual economic units.
- Macroeconomics focuses on the overall economy and aggregates.
Sectors of the Economy
- Typically divided into four sectors:
- Household Sector: Owns production factors (land, labor, capital).
- Producing Sector: Engaged in production activities.
- Government Sector: Provides public services and regulates economic activities.
- External Sector: Involves trade and international economics.
John Maynard Keynes' Perspective
- Focused on maintaining full employment and addressing aggregate demand issues to reduce unemployment.
Economic Units
- Individuals or institutions that make consumption and production decisions in the economy.
Conclusion
- Effective management of these sectors is essential for a healthy economy.
- Addressing issues of employment and investment is crucial.
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