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Questions and Answers
What does economics deal with in relation to firms and industries?
What does economics deal with in relation to firms and industries?
- Production and consumption only
- Pricing and market structures only
- Costing and pricing of products only
- All of the above (correct)
Which aspect of economics studies the economic behavior of individual households?
Which aspect of economics studies the economic behavior of individual households?
- The macro aspect
- The technical aspect
- The behavioural aspect (correct)
- The institutional aspect
What is the subject matter of economics studied under?
What is the subject matter of economics studied under?
- The behavioural, technical, and institutional aspects (correct)
- The behavioural and institutional aspects
- The technical and institutional aspects
- The micro and macro approaches
What does the technical aspect of economics involve?
What does the technical aspect of economics involve?
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What does macroeconomics focus on?
What does macroeconomics focus on?
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Study Notes
Firms and Industries
- Economics deals with the production, distribution, and consumption of goods and services in relation to firms and industries.
Microeconomics
- Microeconomics studies the economic behavior of individual households and firms.
Subject Matter of Economics
- Economics is studied under two main branches: microeconomics and macroeconomics.
Technical Aspect of Economics
- The technical aspect of economics involves the use of statistical and mathematical tools to analyze economic data and develop economic theories.
Macroeconomics
- Macroeconomics focuses on the economy as a whole, studying aggregate variables such as inflation, unemployment, and economic growth.
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