ECON 102 Final Exam with Complete Solutions 100% Verified

ECON 102 Final Exam with Complete Solutions 100% Verified differentiate microeconomics and macroeconomics ️️microeconomics focuses on how decisions are made by individuals and firms and the consequences of those choices macroeconomics examines the aggregate behaviour of the economy, i.e how the actions of all individuals and firms interact to produce a particular level of overall economic performance - behaviour as a whole has a larger impact compared to the sum of individual actions list the 4 macroeconomic policies and its purposes ️️1. monetary policy = changes the quantity of money and interest rates to influence spending 2. fiscal policy = changes in gov spending/taxes/transfers to influence spending 3. trade policy = tariffs, embargoes and trade agreements to control the flow of goods and services into and out of the country 4. labour policy = regulations and policy to influence the labour markets, including wages and