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Lydia S.
Recent College Graduate
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Economics
TutorMe
Question:

On a given graph, there is a downward-sloping demand curve and an upward-sloping supply curve. In the study of Economics, what is the name of the area where these two curves intersect?

Lydia S.
Answer:

In economics, the area where the supply curve and demand curve intersect is called the equilibrium point. The equilibrium point is the most efficient area for a seller to maximize their profits.

Microeconomics
TutorMe
Question:

What is the difference between microeconomics and macroeconomics?

Lydia S.
Answer:

Microeconomics focuses on economic activities that occur on a small scale, such as a city. Whereas, macroeconomics focuses on economic activities that occur on a much larger scale, such as an entire nation.

Macroeconomics
TutorMe
Question:

Macroeconomics often entails evaluating the Gross Domestic Product (GDP) of a particular nation. What is GDP?

Lydia S.
Answer:

Gross Domestic Product (GDP) is the total production of goods by the individuals living in the nation.

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