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2. Two Broad Groups of Economics:
Microeconomics and Macroeconomics are the two broad groups that makeup
economics.
1. Economics
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overall economy. It might be about what factors influence a country's riches or why its
mass repetition occurs. Macroeconomics examines the economy as a whole, such as
Gross National Product (GDP), and how it is affected by changes in unemployment,
national salaries, development rates, and price levels.
2. Microeconomics
This field of economics is concerned with a person's or an individual's purchasing
behavior, such as how families spend their money or how an individual spends their
own money. According to microeconomics, should also take government rules and
taxes into account. It emphasizes supply, demand, and other forces influencing the
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