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  • Economics Chapter 3 - Part II - KEY: Making of Small Units

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    TARSEHS
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    Microeconomics studies individual economic units like individuals, families, and businesses, while macroeconomics analyzes entire economies, examining metrics such as gross domestic product, inflation, and economic growth. Gross domestic product represents the total value of all final goods and services produced in an economy in a year. Externalities occur when an economic activity imposes unintended benefits or costs on a third party not involved in that activity.

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    Econ - C3, P2 - Funsheet Feb 7

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    Microeconomics studies individual economic units like individuals, families, and businesses, while macroeconomics analyzes entire economies, examining metrics such as gross domestic product, inflation, and economic growth. Gross domestic product represents the total value of all final goods and services produced in an economy in a year. Externalities occur when an economic activity imposes unintended benefits or costs on a third party not involved in that activity.

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    30 views1 page

    Economics Chapter 3 - Part II - KEY: Making of Small Units

    Uploaded by

    TARSEHS
    Microeconomics studies individual economic units like individuals, families, and businesses, while macroeconomics analyzes entire economies, examining metrics such as gross domestic product, inflation, and economic growth. Gross domestic product represents the total value of all final goods and services produced in an economy in a year. Externalities occur when an economic activity imposes unintended benefits or costs on a third party not involved in that activity.

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    ECONOMICS Chapter 3 Part II - KEY

    1. The standard we are covering is SSEF5. 2. Microeconomics is the study of the economic behavior and decision making of small units. 3. Examples of microeconomic units are: a. individuals b. families c. businesses 4. Macroeconomics is the study & decision making of entire economies. 5. Examples of macroeconomic units are: a. A nations business cycle b. gross domestic product c. inflation d. Economic growth 6. The gross domestic product is the total value of all final goods & services produced in a particular economy in a year. 7. An externality is an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume. 8. Two types of externalities are: a. positive b. negative

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