By convention, there are two major divisions of economics, called:

A. Marginal benefit and marginal cost.
B. Reservation price and opportunity cost.
C. Microeconomics and macroeconomics.
D. Rational economics and irrational economics.

Question

13-12-2023
Business

High School

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By convention, there are two major divisions of economics, called:

A. Marginal benefit and marginal cost.
B. Reservation price and opportunity cost.
C. Microeconomics and macroeconomics.
D. Rational economics and irrational economics.

Answer :

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saishreechandan907 saishreechandan907 · Answer 1 · 2024-10-26T10:39:20-04:00

By convention, there are two major divisions of economics: microeconomics and macroeconomics. Microeconomics focuses on individual consumers, firms, and industries and analyzes how they make decisions based on their marginal benefits and marginal costs. Marginal benefit refers to the additional benefit a consumer or firm receives from consuming or producing one more unit of a good or service, while marginal cost refers to the additional cost incurred from producing one more unit.

On the other hand, macroeconomics looks at the overall performance of the economy, including national income, inflation, and unemployment rates. In both microeconomics and macroeconomics, the concepts of opportunity cost and rational decision-making play a crucial role in understanding economic behavior.
Hi! By convention, the two major divisions of economics are called microeconomics and macroeconomics. Microeconomics focuses on the behavior of individual consumers and firms, while macroeconomics examines the economy as a whole, including topics like inflation, unemployment, and economic growth. The terms "marginal benefit" and "marginal cost" are concepts within microeconomics that help to analyze decision-making at the individual level.

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By convention, there are two major divisions of economics, called:A. Marginal benefit and marginal cost.B. Reservation price and opportunity cost.C. Microeconomics and macroeconomics.D. Rational economics and irrational economics.

Answer :

Other Questions

By convention, there are two major divisions of economics, called:

A. Marginal benefit and marginal cost.
B. Reservation price and opportunity cost.
C. Microeconomics and macroeconomics.
D. Rational economics and irrational economics.