Define Microeconomics

question 237

Essay

Define microeconomics.

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Definitions:

Wealthy Country

A nation characterized by a high standard of living and a strong economic system, usually measured by gross domestic product (GDP) per capita.

Social Mobility

The movement of individuals, families, or groups through a system of social hierarchy or stratification, which can be either upward or downward in nature.

Meritocratic Mobility

The movement of individuals within or between social strata in a society based on their abilities, talents, and merits rather than on class privilege or wealthy heritage.

Social Capital

The networks, relationships, and norms that facilitate collective action and contribute to the social cohesion of a community.