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Microeconomics A study of decisions of individuals and firms in relation to the scarcity of resources in the market. Macroeconomics The study of decisions made in the whole economy, its benefits, and consequences. (Government and industries General Motors Exa...

Opportunity Cost The next best alternative that is given up while making a decision or choice. Example: If I spend $10 buying a coffee, what are the other options that I could get other coffee? The opportunity cost of buying the coffee at a cafe could be a Don...