Microeconomics versus Macroeconomics

Todd O.
http://economics.about.com/od/economics-basics/a/Microeconomics-Versus-Macroeconomics.htm
20 words 43 learners

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Full list of words from this list:

words only definitions & notes
  1. accord
    concurrence of opinion
    According to comedian P.J.
  2. specifically
    in distinction from others
    O’Rourke, “microeconomics concerns things that economists are specifically wrong about, while macroeconomics concerns things economists are wrong about generally.
  3. technical
    of or relating to aptitude in a practical skill
    Or to be more technical, microeconomics is about money you don’t have, and macroeconomics is about money the government is out of.”
  4. distinction
    a discrimination between things as different
    This is probably closer to the truth than economists would like, but let’s examine the distinction in more detail.
  5. prefix
    an affix that is added in front of the word
    Those who have studied Latin know that the prefix “micro-“ means “small,” so it shouldn’t be surprising that microeconomics is the study of small economic units.
  6. consumer
    a person who uses goods or services
    • Consumer decision making and utility maximization
  7. utility
    the quality of being of practical use
    • Consumer decision making and utility maximization
  8. maximization
    the act of raising to the highest possible point
    • Consumer decision making and utility maximization
  9. equilibrium
    a stable situation in which forces cancel one another
    • Individual market equilibrium
  10. effect
    a phenomenon that is caused by some previous phenomenon
    • Effects of government regulation on individual markets
  11. regulation
    the act of bringing to uniformity
    • Effects of government regulation on individual markets
  12. externality
    the quality or state of being outside
    • Externalities and other market side effects
  13. analyze
    break down into components or essential features
    Rather than analyzing individual markets, macroeconomics focuses on aggregate production and consumption in an economy.
  14. aggregate
    a sum total of many heterogeneous things taken together
    Rather than analyzing individual markets, macroeconomics focuses on aggregate production and consumption in an economy.
  15. consumption
    the act of using something up
    Rather than analyzing individual markets, macroeconomics focuses on aggregate production and consumption in an economy.
  16. output
    production of a certain amount
    • The effects of general taxes such as income and sales taxes on output and prices
  17. monetary
    relating to or involving money
    • The effects of monetary and fiscal policy on economic health
  18. fiscal
    involving financial matters
    • The effects of monetary and fiscal policy on economic health
  19. explicitly
    in a clearly expressed manner
    There is an obvious relationship between microeconomics and macroeconomics in that aggregate production and consumption levels are the result of choices made by individual households and firms, and some macroeconomic models explicitly make this connection.
  20. figure
    alternate name for the body of a human being
    Most of the economic topics covered on television and in newspapers are of the macroeconomic variety, but it’s important to remember that economics is about more than just trying to figure out when the economy is going to improve and what the Fed is doing with interest rates.
Created on Tue Aug 07 16:12:18 EDT 2012 (updated Wed Aug 08 16:07:45 EDT 2012)

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