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  2. Business
  3. Microeconomics Study Set 26
  4. Quiz 1: What Is Economics

Define Economics and Describe Its Branches of Study

Question 215
Essay

Define economics and describe its branches of study.

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What is the difference between microeconomics and macroeconomics?
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What is the difference between microeconomics and macroeconomics? Give an example of an issue each studies.
Q 218
Below is a student's answer to the question "What is microeconomics?" If you were the instructor, how would you correct the student's answer? "Microeconomics is the study of how government influences the choices made by individuals and businesses and of the performance of the whole national economy."
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