Chapter 22: Measures of Economic Performance

  • Created by: Sin Heng
  • Created on: 17-01-20 10:42
  1. 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. 


  1. 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. 


  1. 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 


  1. 4. What is a "depression"/"recession"


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