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Macro vs. Microeconomics Concepts

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Questions and Answers

What does microeconomics study?

Individuals (correct)

Aggregate measures of the economy

Total output

Price level

Which type of economics involves examining total output and aggregate measures of the economy?

Individuals

Mirco

Macro (correct)

Factors of production

What is opportunity cost?

The price level of goods and services

The inputs used to produce goods and services

The total output of the economy

The value of the opportunity that you gave up when you choose one activity (correct)

Which concept is used to produce income?

<p>Factors of production (B)</p> Signup and view all the answers

When is it advisable to continue with an activity according to the principle of MC vs. MB?

<p>$MB \geq MC$ (C)</p> Signup and view all the answers

Study Notes

Economic Perspectives

Macro Economics: Study of the economy at a large-scale level, focusing on total output, price level, and aggregate measures of the economy.

Economic Concepts

Factors of Production:Inputs used to produce a good or service, generating income.
Opportunity Cost: Value of the opportunity given up when choosing one activity or opportunity over another, resulting from scarcity.
Decision Making: Compare Marginal Benefit (MB) and Marginal Cost (MC) to make decisions: accept if MB ≥ MC, reject if MB < MC.

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Description

Test your knowledge on macro and microeconomics concepts. Learn about the differences between studying the economy at a large-scale level (macro) and a small-scale level (micro), as well as factors of production and opportunity cost.