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You are asked to address a professional meeting and explain microeconomics, macroeconomics and their differences. Please answer the following questions:

-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?
Write out the text of your speech.

Reference

Perloff, J. M. (2007). Microeconomics (4th ed.). New York: Pearson Addison Wesley.

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You are asked to address a professional meeting and explain microeconomics, macroeconomics and their differences. Please answer the following questions:

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Microeconomics can be termed as the study of the decision taken by individuals or businesses that they take on day to day basis regarding allocation of limited resources or pricing of goods and services whereas Macroeconomics can be termed as the study of behavior of the economy as a whole. Microeconomics is a bottoms-up approach whereas Macroeconomics can be termed as a top down approach for analyzing an economy.

Example of microeconomics include decision making by businesses to chose between labor versus ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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