discuss the study of economics and the difference between microecnomics and macroeconomics

Section 1. Basic Economic Concepts
In this unit we discuss the study of economics and the difference between microecnomics and macroeconomics. We also introduce the major topics within macroeconomics and the use of models to study the macroeconomy. Finally, we present the production possibility frontier model and use it to understand basic economic activity, including trade between two economies.

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