February 2016
Intermediate to advanced
504 pages
20h 37m
English
Content preview from Economics, 11th Edition
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CHAPTER 10Households and Businesses: An Overview
This chapter begins the study of microeconomics. While microeconomics and macroeconomics are the two major divisions in studying the field and share the common language and model-building techniques of economics, their focus is quite different. Macroeconomics looks at the total economy and how it functions, and studies the economic behavior of groups such as households, businesses, and government units. Microeconomics looks at decision making and how it influences the behavior of individuals in households and businesses.
This chapter is designed to give you background information about households and businesses before we do an in-depth study of microeconomic concepts. It is helpful first to know some basic terminology, explore some data, and understand the economic objectives of decision making within households and businesses.
OVERVIEW OF HOUSEHOLDS
When economists and others collect and analyze information about the U.S. population, they often categorize these data by individuals, families, or households. For ...
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