2007 Thomson South-Western 2007 Thomson South-WesternMeasuring a Nation s IncomeMicroeconomics is the study of how individual households and firms make decisions and how they interact with one another in markets.Macroeconomics is the study of the economy as a whole. Its goal is to explain the economic changes that affect many households, firms, and markets at once. 2007 Thomson South-WesternMeasuring a Nation s IncomeMacroeconomics answers questions like the following: Why is average income hig
