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Global Microeconomics

Can you assist me with understanding how to respond to these questions

Global Microeconomics

1. Does microeconomics apply to every country in the world_ why? or why not? Describe the specifics of any cases/examples you use and the implications of same on local citizens of that country.

Impact on China on Global Microeconomics

2. The total economy of China will soon pass the United States; most analysts say this will occur in less than 10 years. From a microeconomics viewpoint, what does that mean for:

a) The law of demand
b) U.S. consumers
c) Our nation in total

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Global Microeconomics

1. Does microeconomics apply to every country in the world_ why? or why not? Describe the specifics of any cases/examples you use and the implications of same on local citizens of that country.

Microeconomics deals with the decisions of individual consumers and producers on what they buy and sell. In other words, it dictates how much and what consumers will buy and producers will supply. It does not necessarily tell us exactly what a particular consumer will buy, but on aggregate it works fairly well. It would therefore apply to all advanced economies, where there is currency and specialization. It would not work very well in analyzing societies which still use bartering or where people live very primitively. While there are a few of these societies still in existence, I cannot think of any countries where they comprise most of the population.

In North Korea the economy is greatly hampered by the autocratic government. People are divided into classes and government of North Korea ...

Solution Summary

Microeconomics as it applies throughout the world and in China. The impact on China's global microeconomics is determined.

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