Answer :
The three main goals of macroeconomics are: (1) promoting economic growth and increasing overall production, (2) ensuring full employment or low unemployment, and (3) maintaining price stability and controlling inflation.
In the goods and services market, households are primarily buyers as they consume goods and services produced by firms. In the labor market, households are primarily sellers as they provide their labor services to firms in exchange for wages.
Scarcity refers to the fundamental concept that resources are limited relative to the unlimited wants and needs of individuals and society. Two causes of scarcity are the finite availability of resources, such as natural resources and labor, and the opportunity cost of using resources in one way rather than another.
Microeconomics focuses on the behavior of individual economic units such as households, firms, and industries, and analyzes how they make decisions regarding resource allocation. It examines specific market interactions and the determination of prices. On the other hand, macroeconomics studies the overall behavior and performance of the entire economy, including aggregate variables such as GDP, unemployment rate, inflation, and fiscal and monetary policies. It looks at the economy as a whole and aims to understand and address issues related to economic growth, employment, and stability at a broader level.
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