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differences between microeconomics and macroeconomics

1. Microeconomics is considered to be the study of scarce resources. Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/service within Florida

2. You have been asked to give a speech at a meeting at your local Chamber of Commerce. The questions you have been asked to explain during your speech are listed here:

? What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
? Would you give an example of a microeconomic decision you've made at work or home? What factors contributed to making that decision?
? 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?

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1. Microeconomics is considered to be the study of scarce resources. Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/service within Florida

Assume that we want to sell souvenirs to the tourists like key chains, pens etc. that are specific to Florida about beaches, swamps, Disneyland, NASA, Universal Studios etc. First we design our products and then we get permissions and buy the copyrights from these companies. Then we can make a decision to manufacture them in China in order to benefit from cheaper labor. We can make an agreement with another trading company who has experience about making deals with Chinese manufacturers and determine the optimum quantity we want. We can also eliminate the middleman and make direct deals with the manufacturers by using websites like alibaba.com. We may also order the items with the design ...

Solution Summary

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

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