Economic PGT Interview Questions and Answers

Both money and economy are important, but the economy encompasses a broader range of factors beyond just money.

• Money is a medium of exchange used in economic transactions.

• Economy refers to the overall health and performance of a country's financial system, including factors like GDP, employment rates, inflation, and trade.

• While money is a crucial component of the economy, a strong economy involves more than just the circulation of money.

• For example, a country can have a lot o...read more

Microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources.

• Focuses on individual economic units like households and businesses

• Examines how prices and quantities are determined in specific markets

• Analyzes factors influencing consumer choices and producer decisions

• Studies the impact of government policies on individual markets

• Examples include supply and demand, price elasticity, a...read more

Macroeconomics is the branch of economics that studies the behavior of the economy as a whole, including topics such as inflation, unemployment, and economic growth.

• Focuses on aggregate measures such as GDP, inflation rate, and unemployment rate

• Examines how government policies impact the economy

• Studies the overall performance and structure of the economy

• Analyzes factors affecting economic growth and stability

• Examples include fiscal policy, monetary policy, and international t...read more