Macroeconomics Deals with ________ While Microeconomics Deals with ________

question 8

Multiple Choice

Macroeconomics deals with ________ while microeconomics deals with ________.

• A) choices important to people; choices not important to people
• B) economywide choices; choices of individuals
• C) choices that involve money; choices that does not involve money
• D) choices of rich people; choices of poor people

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Definitions:

Capital Stock

The total amount of physical goods or assets that a company or country uses in the production of goods and services.

Marginal Product

The additional output that can be produced by adding one more unit of a specific input, while holding all other inputs constant.

Factor of Production

A resource utilized in the creation of goods and services that encompasses labor, capital, land, and entrepreneurship.

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.