The branch of economics that focuses on the conduct of affairs within narrowly defined units, such as households or business firms, is called:
A)macroeconomics.
B)microeconomics.
C)socioeconomics.
D)applied economics.

Question

The branch of economics that focuses on the conduct of affairs within narrowly defined units, such as households or business firms, is called:
A)​macroeconomics.
B)​microeconomics.
C)​socioeconomics.
D)​applied economics.

Quizplus · Accepted Answer

Microeconomics deals with the behavior and decision-making of individual economic units, such as households, firms, and individuals, and how they interact in markets. Macroeconomics, on the other hand, focuses on the overall performance of the entire economy, including inflation, national income, and economic growth. Socioeconomics is the study of the social and economic factors that influence human behavior, while applied economics involves the application of economic principles and theories to solve real-world problems.

The Branch of Economics That Focuses on the Conduct of Affairs