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Questions and Answers
What is the main focus of microeconomics?
The behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
What is one goal of microeconomics?
To analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses.
What does macroeconomics focus on?
The sum total of economic activity, dealing with the issues of growth, inflation, and unemployment—and with national policies relating to these issues.
How does microeconomics and macroeconomics differ in their focus?
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What is microfoundations in the context of modern macroeconomic theories?
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