12/3/2023 0 Comments Ap micro macro![]() The term opportunity cost refers to the next best alternative. The cost is what has been relinquished, and the benefit is what has been gained. When making a choice, you automatically have created a cost and a benefit. ![]() Microeconomics is the branch of economics that examines the choices and interaction of individuals producing and consuming one product, in one firm or industry. Macroeconomics is the branch of economics that examines the behavior of the whole economy at once. Economics is a social science involving the study of choices and what necessitates those choices. When thinking of economics, you should be aware of one simple synonym - choices.
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