Microeconomics foc drops on the individual parts of the delivery.
Macroeconomics looks at the economy as a whole.
Positive Economics- strives to describe what exists and how it works (describing) - analyzes how economies work, what we know, what can be tried and true by looking at macroeconomic data
Example: The utmost demand for health cargon profession abroad resulted to an amplification in nursing applicants and graduates
Normative Economics- looks at outcomes of economic sort and asks whether they are good or bad- analyzes how to improve the economy, deals to a greater extent with economic policy, what we should do.
Example: Farmers should receive subsidies from the government to maximize their income and empty borrowing from landlords
The circular-flow diagram is a visual model of the economy that shows how dollars/pesos flow through markets among households and firms.
Land the source of all materials and food whether in liquid, solid, or gaseous form, in and above the earth
wear down refers also to the available physical and mental talents of the people who pass to produce goods and services
Capital refers to a tangible, physical good that a person or society creates in the expectation that its use will improve or increase future production
Economic System refers to a set of economic institutions that dominate a given economy with the main objective of solving the 3 basic economic problems/questions.
Traditional Economy - is a system whose past experiences which were handed down from generation to generation are used as bases for economic decisions
Command Economy- under this system, the factors of production and distribution are owned and manage by the state.
dispense with Market Economy- also known as laissez-faire which is a French phrase which literally means allow...If you want to yield a full essay, order it on our website: Orderessay
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