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Economics

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Issue:

Business

 

Written by:

Nicolette B

 

Date added:

August 23, 2015

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 886

 

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5004 times

 

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Essay content:

Fred E. Foldvary, an economist, stated that, “Economics is a social science, dealing with the activities of people, and it specializes in the production, distribution, exchange, and consumption of wealth, or the material needs and desires of human beings”. The science of economics composes of two distinct areas, which are microeconomics and macroeconomics...
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Microeconomics studies how households, individuals and firms make decision regarding the allocation of limited resources and price of goods and services. That is to say, microeconomics focuses on supply and demand, and how people take interaction in various markets. Macroeconomics, on the other hand, involves the “sum of total economic activities, dealing with the issues of growth, inflation, and unemployment and with national economic policies relating to these issues”, and the effects of government actions on them...
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