What is the difference between Microeconomics and Macroeconomics?
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What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Give an example of a microeconomic decision made at work or home. What factors contributed to making that decision?
Give an example of how a macroeconomic phenomenon has impacted a personal or business decision. In the end, what was the result.
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Solution Summary
This solution discusses the differences between microeconomics and macroeconomics, as well as examples of these decisions specifically applied to the work or home environment and the factors that went into making those decisions. This solution is 400 words with two online references.
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What are the main differences between microeconomics and macroeconomics?
Microeconomics focuses on factors that affect individual economic choices, how changes in these factors affect such choices, and how the choices of various decision makers are coordinated by markets. It focuses on supply, demand and other forces that determine price levels in individual markets. It also examines how a society decides to produce goods and services and who gets these goods and services. Economic efficiency is the core of these examinations. On the other hand macroeconomics examines the behavior of the economy as a whole and does not focus on an individual firm or organization unlike microeconomics. It can be used to ...
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