|Posted on April 15, 2014 at 9:25 AM|
Economics is a social science that deals with the problem of scarce economic resources and incentives. Macroeconomics looks at the economy as a whole (GDP, unemployment, inflation, fiscal policy, monetary policy, etc.). Microeconomics looks at individual economic units (the firm, perfectly competitive market, monopoly, oligopoly, labor market, etc).
AP Macroeconomics / AP Microeconomics Unit 1 Basic Economic Concepts