(1)__________________ is the condition in which the maximum…
(1)__________________ is the condition in which the maximum output is produced with the given resources and technology. (2)__________________ is the condition in which less than the maximum output is produced with the given resources and technology.
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(1)________ deals with human behavior and choices as they relate to relatively small units —an individual, a firm, an industry, a single market. A economist in this (1)_________ field would ask questions that relate to the various parts that make up the economy such as, “How will the drought impact the price of corn?” (2)____________ is the branch of economics that looks at human behavior and choices as they relate to the entire economy. A economist in this (2)_________ field would be concerned about questions that impact the whole economy such as, “How will the proposed tax cut affect unemployment, inflation and economic growth?”
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