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    I have been asked to address a professional meeting and expl

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    I have been asked to address a professional meeting and explain microeconomics, macroeconomics and their differences. I need to out a text speech answering the following questions:

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

    â?¢Please give an example of a microeconomic decision that youâ??ve made at work or home? What factors contributed to making that decision?

    â?¢Please give an example of how a macroeconomic phenomenon has impacted a personal or business decision in the past? In the end, what was the result of such a decision?

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    Solution Preview

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

    Microeconomics deals with individuals and business decisions, whereas macroeconomics deals with the government, and the country, including the economy, as a whole. Micro = small, Macro = big. Microeconomics bases itself on the decisions that individuals and businesses make, and the effects of those decisions. Macroeconomics bases itself on the decisions that are generally out of the public's control, and that the government is making, and also studies the entire scope of the economy, as a whole. A macroeconomic phenomenon is inflation, a microeconomic phenomenon is a difference in wages between ...

    Solution Summary

    I have been asked to address a professional meeting and explain microeconomics, macroeconomics and their differences. I need to out a text speech answering the following questions:

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

    â?¢Please give an example of a microeconomic decision that youâ??ve made at work or home? What factors contributed to making that decision?

    â?¢Please give an example of how a macroeconomic phenomenon has impacted a personal or business decision in the past? In the end, what was the result of such a decision?

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