Microeconomics Differs from Macroeconomics in That Microeconomics Focuses On

question 18

Multiple Choice

Microeconomics differs from macroeconomics in that microeconomics focuses on:

• A)the performance of the entire economy.
• B)issues such as inflation, unemployment and economic growth.
• C)the choices made by individuals the implications of those choices.
• D)government policies designed improve the performance of the national economy.

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Definitions:

Environmental Uncertainty

The degree of unpredictability and lack of information regarding changes in the external environment that affect an organization's operations.

Strategic Contingencies

Involves planning for and responding to events that could significantly impact an organization's ability to achieve its objectives.

Defensiveness

A psychological reaction that occurs in response to a perceived threat, characterized by a protective behavior aimed to defend oneself from criticism or harm.

Substitutability

The degree to which one product or service can be replaced with another to satisfy the same need or want.