Business, 11.01.2020 07:31 Savannahpeeler1001

Classify the following topics as relating to microeconomics or macroeconomics. topic: microeconomics or macroeconomics
1. the effect of a change in price of one good on a related good
2. the relationship between the inflation rate and the unemployment rate
3. the effect of government subsidies on the agricultural industry

Answers: 2

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Answer from: jabezslade22

MICROECONOMICS

1.The effect of a change in price of one good on a related good.

MACROECONOMICS

2. The relationship between the inflation rate and the unemployment rate.

3.The effect of government subsidies on the agricultural industry.

Explanation: Microeconomics is a term of the to describe the impact of certain conditions on a single product or service,it doesn't consist of the whole economy or country.

Macroeconomics is a term used to describe the impact of certain conditions on the whole economy or country. Inflation rate, unemployment rate, effects of subsidy in Agriculture etc are all Macroeconomics statistics give better understanding of the economic performance.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

To be honest, here's what i think. i think the answer is (and i'm not exactly sure), that it is, both personal and household income.

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Classify the following topics as relating to microeconomics or macroeconomics. topic: microeconomic...

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