📝 One-liners · 69 cards
Fundamentals of Economics Microeconomics Macroeconomics and Types of Economies
Focus — Microeconomics / Macroeconomics?
Microeconomics: Individual units (household, firm); Macroeconomics: Economy as a whole
Key variables — Microeconomics / Macroeconomics?
Microeconomics: Price, output of a firm, consumer choice; Macroeconomics: GDP, inflation, unemployment
Tools — Microeconomics / Macroeconomics?
Microeconomics: Demand-supply, MC=MR, elasticity; Macroeconomics: National income accounting, AD-AS
Founded by — Microeconomics / Macroeconomics?
Microeconomics: Alfred Marshall (1890); Macroeconomics: J.M. Keynes (1936)
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