Match each term to its correct definition. macroeconomics microeconomics economics the study of how people allocate limited resources the study of the overall aspects and workings of an economy the study of the individual units that make up the economy the study of individual cases that illustrate general economic laws the study of the use of money in modern economies

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Business

Shaun Hess

14 October, 08:04

Match each term to its correct definition. macroeconomics microeconomics economics the study of how people allocate limited resources the study of the overall aspects and workings of an economy the study of the individual units that make up the economy the study of individual cases that illustrate general economic laws the study of the use of money in modern economies

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Answers (1)

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Helena Abbott · Answer 1

The answer is stated below:

Explanation:

Economics is the study which is concerned with how the people allocate or distribute their scarce or limited resources for the consumption, production and distribution, involving both collectively and individually.

Therefore, the correct definition of economics is that it studies how the people allocate the resources which are limited.

Macroeconomics is the kind or the type of economies, which dealt with the studies of an overall or whole economy, involving both the international and the national level.

Therefore, the correct definition of macroeconomics is the study which take overall aspects and the workings of the economy.

Microeconomics is also the type or the kind of economics, which dealt with how the individual consumers and the firm take decisions. In short, it focuses on the behavior of the individual producers and the consumers.

Therefore, the correct definition of microeconomics is the study of the individual units which make up the economy. And the study of the cases of the individual which states the laws of the general economic.