This is a draft cheat sheet. It is a work in progress and is not finished yet.
Microeconomics
Microeconomics: The study of behaviour and decisions of households and firms,
and the performance of individual markets. |
Different Economic Systems: |
1. What to produce?
2. How to produce it?
3. Who is to receive the products produced? |
1. Planned Economic System: Decisions made by the government.
Provides basic necessities like housing, healthcare, education ec |
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Microeconomics
Microeconomics: The study of behaviour and decisions of households and firms, and the performance of individual markets. |
The decision makers in microeconomics are referred to as Economic Agents. They are households, firms and government. |
The Private Sector are firms owned by individuals and shareholders. |
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