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Economic analysis
What is economics primarily concerned with?
Economics is the social science that studies how individuals, firms, and governments allocate scarce resources to satisfy unlimited wants and needs.
What is the difference between a stock variable and a flow variable in economics?
Stock is measured at a point; flow over a period.
What is the difference between microeconomics and macroeconomics?
Microeconomics studies individual units like households and firms, while macroeconomics examines the economy as a whole, including GDP, inflation, and unemployment.
What is the meaning of 'effective demand' in Keynesian economics?
Actual demand backed by purchasing power in the economy.
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