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Explanation of micro vs macroeconomics

You are asked to address a professional meeting and explain microeconomics, macroeconomics and their differences. Please answer the following questions:

What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.

Would you give an example of a microeconomic decision you've made at work or home? What factors contributed to making that decision?

Would you give an example of how a macroeconomic phenomenon has impacted a personal or business decision of yours? In the end, what was the result of your decision?

Write out the text of your speech.

Solution Preview

You are asked to address a professional meeting and explain microeconomics, macroeconomics and their differences. Please answer the following questions:

What are the main differences between microeconomics and macroeconomics?

"The field of economics is broken down into two distinct areas of study: microeconomics and macroeconomics. Microeconomics looks at the smaller picture and focuses more on basic theories of supply and demand and how individual businesses decide how much of something to produce and how much to charge for it. People who have any desire to start their own business or who want to learn the rationale behind the pricing of particular products and services would be more interested in this ...

Solution Summary

This solution involves the explanation of microeconomics vs macroeconomics and the decisions involved for each. Examples of each are also provided.

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