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?
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.
What is the difference between microeconomics and macroeconomics?
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 often entails evaluating the Gross Domestic Product (GDP) of a particular nation. What is GDP?
Gross Domestic Product (GDP) is the total production of goods by the individuals living in the nation.