- Created by: Sin Heng
- Created on: 17-01-20 10:42
1. What is the difference between microeconomics and macroeconomics?
Microeconomics is the study of individual markets within an economy while macroeconomics is the study of the economy as a whole.
2. What is GDP and how is it used?
Gross domestic product is a measure of output that is used to compare with other countries and over time.
3. What does a 5% increase in GDP in 1 year mean?
It means that the output of the economy has increased by 5% over a 12-month period
4. What is a "depression"/"recession"…