Category: Economics

What Is Macroeconomics?

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1. What Is Macroeconomics?

Microeconomics is the study of the behavior of individual economic agents. Microeconomics asks how individuals allocate their time, income and wealth among various opportunities for labor, leisure, consumption, and savings. Microeconomics also studies the process by which individual firms decide on output levels, possibly prices, and the resources that will be used in the production process.