Question

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1. What does microeconomics study?

2. Whose economic behaviour is studied by microeconomics?

3. How are individuals considered by microeconomics?

4. When did microeconomic approach dominate in economics?

5. When did economists' interest in macroeconomics grow?

6. How is economy considered in macroeconomics?

7. What stimulated the development of macroeconomics?

8. What problems were analyzed in the 1930s?

9. What is studied by development economics?

ТЕКСТ:
There are three main approaches to economics: microeconomics, macroeconomics, and development economics.

Microeconomics focuses on individual economic units. The economic behaviour of either individual consumers or firms or industries is studied by microeconomics. The distribution of products and income among all these units is also analyzed by microeconomics. In this field of economics individuals are considered both as suppliers of labour and as consumers of goods. Firms are also studied both as suppliers of products and as consumers of labour and capital.

There was a long period in the 19th and early in the 20th centuries when microeconomic questions dominated in economics. In the 20th century economists' interest in forces that affect income, employment and prices grew. They considered economy in all its relationships.

The term "macroeconomics" was first used in the 1930s. The world depression that began in 1929 required the study of such macroeconomic questions as achievement of full employment and economic growth by means of proper government policies. This area of economics was developed by the British economist John Maynard Keynes.

The third main field of economics, that is, development economics, studies the factors of economic growth and how these factors are used by governments in order to achieve high living standards.

Answer 1

1. What does microeconomics study?
Microeconomics studies individual economic units

2. Whose economic behaviour is studied by microeconomics?
The economic behaviour of either individual consumers or firms or industries is studied by microeconomics

3. How are individuals considered by microeconomics?
individuals are considered both as suppliers of labour and as consumers of goods

4. When did microeconomic approach dominate in economics?
a long period in the 19th and early in the 20th centuries

5. When did economists' interest in macroeconomics grow?
In the 20th century

6. How is economy considered in macroeconomics? (скорее всего micro-)
economy is considered in all its relationships

7. What stimulated the development of macroeconomics?
The world depression that began in 1929

8. What problems were analyzed in the 1930s?
such macroeconomic questions as achievement of full employment and economic growth by means of proper government policies

9. What is studied by development economics?
the factors of economic growth and how these factors are used by governments in order to achieve high living standards