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Cb Sachdeva Class 12 Macroeconomics Pdf 17 ranscor



 


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pdf consider the definition of economics provided by “The Economics of Karl Polanyi” is an interesting thing to do. Its an excellent, if lengthily, introduction to the complexity of economics. However, to give you a simplified definition of economics and its relation to macroeconomics, here it is; economics is the social study of choice-making by human beings, and the macroeconomy is the study of how the economy as a whole responds to choices made by individuals. As economics is the social study of choice-making, macroeconomics seeks to understand the macro or overall responses that choices made by individuals have on society as a whole. It is important to understand that macroeconomics is not about the individual. Rather, it is about society, as a whole. As we begin to understand economics, we will also begin to understand how macroeconomics differs from microeconomics. However, understanding the difference between microeconomics and macroeconomics will help to inform us how macroeconomics differs from microeconomics. That is, macroeconomics is about how society as a whole responds to choices made by individual. The microeconomics that you have known previously seeks to understand how individuals respond to choices that are made. These choices are about what individuals will buy and what they will sell, and by how much. Microeconomics as we have come to know it will help us understand how choices made by individuals affect society, as a whole. It is only by understanding the differences between microeconomics and macroeconomics that we will understand how macroeconomics differs from microeconomics. Since economics is the study of human choice, we must also understand the characteristics of those choices, and this includes understanding the characteristics of choices that are made. And, as we have come to know that microeconomics examines choices made by individuals, we must understand the nature of those choices. If we understand the nature of those choices, then we will be in a position to understand how those choices affect individuals as well as society as a whole. In addition, if we understand the nature of the choices that individuals make, we will be able to understand how those choices affect other people and society as a whole. Thus, when we understand the choices of individuals, we also understand how those choices affect other people and society as a whole. This is true, because if we understand the choices of individuals, then we will be able to understand how those choices affect the choices of other people. In essence,

 

 


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Cb Sachdeva Class 12 Macroeconomics Pdf 17 ranscor
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