Economics Study Outline
Flashcards covering the main outline of economics from the introduction material.
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Q. What is economics?
A. Economics is a social science that studies how scarce resources with alternative uses are allocated among competing and virtually unlimited wants to improve economic well-being.
Q. What are the two main branches of economics?
A. The two main branches are microeconomics and macroeconomics.
Q. What does microeconomics study?
A. Microeconomics studies individual households and firms, the smallest economic decision-making units.
Q. What are the major areas under microeconomics in the outline?
A. Consumer theory, market structures, theory of the firm, demand, supply, price theory, and cost theory.
Q. What does macroeconomics study?
A. Macroeconomics studies the economy as a whole or the bigger complex system in which households and firms operate.
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