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Micro and Macro economics

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

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

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

â?¢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

Reference

Perloff, J. M. (2007). Microeconomics (4th ed.). New York: Pearson Addison Wesley.

Objective:
â?¢Explain the macroeconomic and microeconomic concepts and how they relate to the management of a global organization.

â?¢Critically analyze and evaluate real-life economic problems and opportunities by applying economic concepts, principles, and theory.

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Solution Summary

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

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

Solution Preview

Microeconomics deals with the behavior of individuals, for example, that of a consumer or a producer or a market. It is a study of decisions that individuals and businesses make regarding the prices of goods and services. It focuses on demand and supply forces that determine the price levels in the economy. In micro economics the economy is divided into comparatively number of small parts and study is made of how each small part functioned. It includes the demand of the consumer in a particular market, prices paid by the consumer, prices of the product in the market and so on. In simple words, if we ask ourselves, what forces determine the price of onions, the salary of employees, the rent of a land and price of property we are dealing with microeconomic ...

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Sandeep Bardia, MBA
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  • MBA, Rochester Institute of Technology
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