OPTION (B), Local Real estate, Macroeconomics studies the overall economy. Local Real Estate only make up one small part of the overall economy.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this an item of real property, buildings or housing in general.
An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. In general, it is defined 'as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'.
Macroeconomics is a branch of economics that deals with how an economy functions on a large scale. It differs from microeconomics, which deals with how individual economic players, such as consumers and firms, make decisions.
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