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.
The question belongs to Economics and it is a report on the differences between macro and microeconomics. While macroeconomics is a study of the whole economy of a country and the global economy at large, microeconomics is a study about an industry or a firm operating in an industry. The solution explains this in further detail.
Total Word Count 548