}Economics
◦Dictionary Definition
“economics”
as “a social science concerned chiefly with description and analysis of the
production, distribution, and consumption of
goods and services.”
◦ Another definition
Economics
is the study of how people make decisions in resource-limited situations. This definition of economics fits
the major branches of
classical economics very
well.
◦Macroeconomics
is the study of how people make decisions in
resource limited situations on a national or global scale. It deals with the
effects of decisions that national leaders make on such issues as tax rates,
interest rates, and foreign and trade policy.
◦Microeconomics
is
the study of how people make decisions in resource limited situations on a more
personal scale. It deals with the decisions that individuals and organizations
make on such issues as how much insurance to buy, which word processor to buy,
or what prices to charge for their products or services.
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