What is macroeconomics? What role does macroeconomics play in your personal financial decisions and the decisions that your organization makes? What are the resources that are available to you in your efforts to understand current macroeconomic conditions?© BrainMass Inc. brainmass.com October 17, 2018, 12:20 am ad1c9bdddf
Let's first think about what macroeconomics entails. From there, you should be able to find ways that it affects you personally.
Macroeconomics involves the complex interactions resulting from transactions between the government, households, and businesses. These transactions are the result of a society attempting to meet its needs with limited resources. For example, when government spending increases, this causes businesses to ...
The solution defines macroeconomics and resources to evaluate its present state.
Inquiry about Economics
OTA, in your own words based on your experience, respond to the following questions. I have responded with what I know of the subject.
A) Define the difference between macro and microeconomics. Where does managerial economics fit?
As I understand it, macroeconomics focuses on the “big picture” with respect to the overall business activity, interest rates, federal budget, federal taxes and international trade. Microeconomics, on the other hand, is a more defined focus on the individual aspects such as consumers or specific business units.
B) What is economics? What roles does it play in the study of business administration? What is its relationship to economic theory and the decision sciences?
As I understand it, economics is the process of research, analysis and making decisions to increase value. Managerial economics is a subset to the variety of subjects encountered in typical business administration activities. Decisions are impacted by supply chain management, accounting, finance, government policy, global business, and so forth.
C) Discuss why one thinks economics is paramount (or not important) to those pursuing an MBA?View Full Posting Details