The field of economics is broken down into two distinct areas of study: microeconomics and macroeconomics. Microeconomics looks at the smaller picture, and focuses more on the basic theories of supply and demand, and how individual businesses decide how much of something to produce, and how much to charge for it. The study of microeconomics allows us to understand the interaction of different agents in the economy. Businesses with customers, employers with employees, firms with other firms.

KWHS Term Suggestion

Is there a term you would like defined? Suggest it here: