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Transcript of Economics
Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price.
The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. Price, is a reflection of supply and demand. Macroeconomics Macroeconomics examines the economy as a whole and answers questions such as 'What causes the economy to grow over time?', 'What causes short-run fluctuations in the economy?' 'What influences the values various economic indicators and how do those indicators affect economic performance? Microeconomics Microeconomics is a branch of economics that studies the individual parts of the economy, including the household and the firms, make decisions to allocate limited resources.