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Any economist will tell you, though, that microeconomics and macroeconomics are closely related. Macroeconomics, on the other hand, looks at the economy of a country - and of the whole world. Microeconomics also deals with companies - small or large - and how they run their business. It examines how families manage their household budgets. It looks at the economic decisions people make every day. Microeconomics deals with people, like you and me, and private businesses. They look at the effects those decisions have on our lives and our society.Įconomists talk about microeconomics and macroeconomics. They study the reasons for their decisions. Economists study the trade-offs people make. However, you will have less time to relax. If you spend more time working, you make more money.
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ANOTHER WORD FOR SAVING SOMEONES LIFE FULL
Our everyday lives are full of decisions like these. and we have to choose the best way to spend them. Time, space and convenience, for example, are also resources. There are some resources, though, that we cannot touch. Resources may be material things such as food, housing and Very simply, economies studies the way people deal with a fact of life: resources are limited, but our demand for them certainly is not. In fact, economists study the decisions that we all take every day. Perhaps you think that economics is all about the decisions that governments and business managers take. The science of economies studies all of these, but many more things as well What you think of when you hear the word economics? Money, certainly, and perhaps morecomplicated things like business, inflation and unemployment. giving away something in exchange for something something such as money, workers or minerals belonging to an organization, country, etc which can be used to function properly the amount of money you have for something the people who control a country and make lawsĮ. Tick which of these statements you think are true.Ģ )economics is something governments take care of.ģ) An economist basically decides how money is spent.Ī. The open economy.93Įxchange rates.95Įxchange rate mechanisms.98 Revision Vocabulary Units 13 to 16.87Įconomic growth.88 Interest rates and the money market.77Įconomic shocks.79 Macroeconomics.61Īggregate demand and aggregate supply. Supply of labour.37įactors of production.40ĭivision of labour. Revision Vocabulary Units 1 to 4.24Ĭonsumer choices.25Ĭosts and supply.27 History of economic thought.6Įconometrics.9
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