Economics Is Divided into Two Different Branches

question 114

True/False

Economics is divided into two different branches.Microeconomics looks at such things as the total amount of goods and services produced by a society,whereas macroeconomics studies such things as decisions made by individual businesses.

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Definitions:

Demand Curve

A graph illustrating how much of a good consumers will buy at different prices, showing the relationship between price and quantity demanded.

Good Sold

Items or services that have been purchased by consumers.

Tax on Sellers

A financial charge or levy imposed on product producers or sellers by the government, which often leads to the market price of the product increasing to cover the cost of the tax.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, leading to market stability.