Macroeconomics explains the behaviour of individual households and business firms; microeconomics is concerned with the behaviour of aggregates or the economy as a whole.
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Q2: Products and services are scarce because resources
Q3: Q4: Q4: Choices entail marginal costs because resources are Q7: Individuals face an economic problem but society Q8: An economy cannot produce at a point Q9: An economy will always operate at some Q11: The production possibilities curve shows various combinations Q18: The process by which capital goods are Q19: Marginal analysis means that decision makers compare
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