As an economist, you have been asked to address a meeting of a group of international professionals to explain the differences between microeconomics and macroeconomics and to provide real-world examples.
* What are the main differences between microeconomics and macroeconomics.
* What is an example of each phenomenon.
* Provide a description of a microeconomic decision you have made, and the factors that contributed to your decision.
* Provide a description of a specific macroeconomic phenomenon or event and how it impacted you.
The main difference between the two branches of economics is that microeconomics deal with the smallest or minute parts of the economy, the household firms and the business firms, while macroeconomics deal with the aggregate or the totality of the economy, for example gross national product, inflation, among others.
On microeconomic decision
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This solution differentiates the concepts of Macroeconomics from Microeconomics.