MICROECONOMIS
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Last updated 4:51 AM on 8/26/24
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4 Terms
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Economics
focuses on how individuals, households, businesses, and governments allocate resources to satisfy their needs and wants.
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oikonomia
comes from the Greek word, which originally referred to the management of a household or state.
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TWO BRANCHES OF ECONOMICS
MICROECONOMICS AND MACROECONOMICS
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Microeconomics
means "small," and deals with the smaller, more detailed aspects of the economy.
