Explore BrainMass
Share

Microeconomics vs Macroeconomics

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Microeconomics is "the study of the operations of the components of a national economy, such as individual firms, households, and consumers." (http://dictionary.reference.com/browse/microeconomics)

Macroeconomics is "the study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors." (http://dictionary.reference.com/browse/microeconomics)

QUESTION:

What is the difference between micro and macroeconomics and how does this relate to healthcare? (Please provide as much information as possible - at least 250 words for better understanding. Thank you.).

© BrainMass Inc. brainmass.com October 24, 2018, 9:58 pm ad1c9bdddf
https://brainmass.com/health-sciences/health-care-management/microeconomics-vs-macroeconomics-143598

Solution Preview

Interesting question! Let's take a closer look through discussion and example, which you can draw on for your final 250-word copy I also attached a supporting resources for further considerations.

RESPONSE:

1. What is the difference between micro and macroeconomics and how does this relate to healthcare?

"Economics is the study of how resources are allocated with the marketplace" (http://www.icep.org/edsurvival/documents/HealthcareEconomics_000.doc). In other words, economics are the rules explain the behavior of people who pursue (and compete with others for) the limited resources (goods, currency, health, etc.) within a society, such as healthcare. Recently, the interest in healthcare economics has blossomed over the past several decades as spending on healthcare has continued to escalate, now representing well over $1 trillion (with approximately 40% going to hospitals and 20% going to doctors), and occupying over 16% of the nation's Gross Domestic Product (cumulative value of domestic goods and services produced). (http://72.14.253.104/search?q=cache:AtD-RF_fdDEJ:www.icep.org/edsurvival/documents/HealthcareEconomics_000.doc+macroeconomics+in+healthcare&hl=en&ct=clnk&cd=1&gl=ca&client=firefox-a)

There are two types of economics, and both relate to healthcare differentially. For example, microeconomics is "the study of the ...

Solution Summary

This solution discusses the differences between micro and macroeconomics and how this relate to healthcare. Supplemented with an informative article on macroeconomics in healthcare.

$2.19
See Also This Related BrainMass Solution

Microeconomics vs Macroeconomics

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.

View Full Posting Details