Suppose you were having lunch with your best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was, commenting that he saw no useful purpose for economics. According to your friend, "I'm a nursing major. I will never use this stuff in the real world." Having just completed the same course in economics, you try to explain to your friend that economics affects everyone! How would you explain to this person that economics is a daily part of his personal and professional lives? Use at least three examples of microeconomics and macroeconomics in your response.© BrainMass Inc. brainmass.com October 10, 2019, 12:36 am ad1c9bdddf
Economics is simply the study of people try to satisfy their needs and wants (utilities) at the micro level and of how such behaviour aggregates in the macro level and how this in turn affects us at the micro level. We all make decisions like this, whether this is to go to a restaurant one day and not to another, to accept someone as a friend or not, to buy one house over another, etc. That is, at the micro level, you can think to yourself, (1) ...
Three examples of microeconomics and macroeconomics are embedded.