Macro economics explains

The collection of all possible combinations of the goods and services that can be produced from a given amount of resources and a give stock of technological knowledge is called

Micro economics explains

All important decisions regarding production, exchange and consumption of goods and services are made by the

Opportunity cost is called the

________ is the cost of any activity measured in terms of value of the next best alternative forgone.

The output produced in an economy is distributed among various factors of production is known as

Individual economic analysis does not deal with

__________ is not the subject matter of micro economic

The distinction between micro and macro economics was emerged after