The concept that the whole is greater than the sum of its parts best characterizes:
A) microeconomics.
B) supply and demand.
C) macroeconomics.
D) business forecasting.

Question

Quizplus · Accepted Answer

The concept that the whole is greater than the sum of its parts is a fundamental principle of macroeconomics, which focuses on analyzing aggregate economic variables such as GDP, inflation, and unemployment rates. It recognizes that the behavior of an economy as a whole cannot be simply predicted by summing up the behavior of individual households or firms.

The Concept That the Whole Is Greater Than the Sum