Essential Economic Concepts: Macro and Micro Foundations
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Macroeconomics: Understanding the Big Picture
Macroeconomics can be defined as that branch of economic analysis which studies the behavior of not one particular unit, but of all the units combined together. Like the study of a forest, it studies economic phenomena from the perspective of the entire economy or a particular sector of the economy.
Microeconomics: Focus on Individual Entities
Microeconomics, like the study of a tree, studies economic phenomena from the perspective of individual entities.
Economic Growth: Driving National Prosperity
Economic growth is the increase in the goods and services produced by an economy, typically a nation, over a long period of time. It enables wage and income earners, producers, and even macroeconomic planners... Continue reading "Essential Economic Concepts: Macro and Micro Foundations" »