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What is Economics?
Economics is the study of how individuals and groups make decisions with limited resources as to best satisfy their wants, needs, and desires.
What is Microeconomics?
Microeconomics deals with economic decisions made at a or micro, level for example: How does the change of a price of good influence a family's purchasing decisions? If my wages rise, will I be inclined to work more hours or less hours?"
What is Macroeconomics?
Macroeconomics examines the economy as a whole and answers questions such as 'What causes the economy to grow over time?' or 'What causes short-run fluctuations in the economy?' or 'What influences the values various economic indicators and how do those indicators affect economic performance?'