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Learn More About Economic Understanding

Microeconomics or Macroeconomics

Microeconomics is the very difficult problem of economics that deals with the firm and the household, the ultimate cellular structure; thus the overtones of microscope and microbiology.

It then goes on to deal with the market - to tell, or anyhow imagine, how consumers, given their income and preferences, interact through the market with business firms to determine what is produced, in what amount, at what profit and at what price.

Macroeconomics became a separate topic of discussion and was so named in the aftermath of John Maynard Keynes and the Great Depression. It then came generally to be realized that consumers... see: Microeconomics or Macroeconomics


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