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------------------------------------------------ By convention, there are two major divisions of economics, called:

A. marginal benefit and marginal cost.
B. reservation price and opportunity cost.
C. microeconomics and macroeconomics.
D. rational economics and irrational economics.

Microeconomics focuses on individual economic agents such as households, firms, and markets, while macroeconomics studies the economy as a whole, including topics such as inflation, economic growth, and government policy. Marginal benefit and marginal cost, reservation price and opportunity cost, and rational and irrational economics are important concepts in economics, but they do not represent the major divisions of the field.

1.Microeconomics: This branch of economics studies the behavior of individual economic agents such as households, firms, and markets. Microeconomics examines how individuals and firms make decisions, how markets allocate resources, and how government policies affect these decisions and outcomes. Some important topics in microeconomics include supply and demand, market equilibrium, production and cost analysis, and market structure.

2.Macroeconomics: This branch of economics studies the economy as a whole, focusing on issues such as economic growth, inflation, unemployment, and government policies. Macroeconomics aims to understand the overall performance of the economy and how it is affected by factors such as monetary and fiscal policy, international trade, and financial markets. Some important topics in macroeconomics include GDP, inflation, interest rates, unemployment, and international trade.

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