Micro and Macroeconomics

Macroeconomics looks at the total output of a nation and the way the nation allocates its limited resources of land, labor and capital in an attempt to maximize production levels and promote trade and growth for future generations.

Microeconomics looks into similar issues, but on the level of the individual people and firms within the economy. It tends to be more scientific in its approach, and studies the parts that make up the whole economy. Analyzing certain aspects of human behavior, microeconomics shows us how individuals and firms respond to changes in price and why they demand what they do at particular price levels.

Economics	The study of choice and decision-making in a world with limited resources.
Export	To send and/or sell goods and services outside of one's country.
Goods	Anything that anyone wants. All options or alternatives are goods.
Import	To bring in and/or buy goods and services from another country.
Income	The amount of money one earns. This can be through one's job or through investments, etc..
Industry	The manufacturing (making) and selling of a particular type of good or service - for example the auto industry.
Inflation	Increase in the overall level of prices over an extended period of time.
Macroeconomics	The study of the sum total of economic activity, dealing with the issues of growth, inflation0 and unemployment and with national economic policies relating to these issues.
Manufacture	To make or process (a raw material) into a finished product, especially by means of a large-scale industrial operation.
Market	A network in which buyers and sellers interact to exchange goods and services for money.
Money	The accepted common medium of exchange for goods and services in the marketplace that functions as the unit of account, a means of deferred payment and a store of value.
Microeconomics	The study of the individual parts of the economy, the household and the firm, how prices are determined and how prices determine the production, distribution and use of goods and services.
Price	The amount of money, or other goods, that you have to give up to buy a good or service.
Product	Something produced or made by human or mechanical effort or by a natural process. In business, products are things or items to be bought and/or sold.
Profit	The excess of income over all costs, including the interest cost of the wealth invested. This means making money after one has paid all the expenses in a business.
Resource	An available supply of something that can be used. There are natural resources, human resources, etc..
Scarcity	Insufficient supply or amount of something needed, a shortage or goods or services that are needed.
Services	The performance of any duties or work for another; helpful or professional activity
Trade	The business of buying and selling goods and services.
Wages	The payment for work or services to workers - the money people are paid at their jobs.
Consumer	A person who buys economic goods and services
Distribution	The supplying of goods and services to retailers and others so that people's needs can be met.