6. MACRO- AND MICROECONOMICS Macroeconomics (macro – large) studies the economy as a whole Microeconomics (micro - small) studies the behaviour of individual consumers and business firms
7. INTERNATIONAL ECONOMICS International microeconomics: studies international trade International macroeconomics: studies the international movement of financial assets
8. CLASSIFICATION OF COUNTRIES 1) traditional: developed, developing, less developed, least developed 2) new: advanced economies, emerging economies Russia – one of the largest emerging economies!!!!!