the main differences between microeconomics and macroeconomics (answer attached)
Please create a PowerPoint presentation of 5–10 slides including, but not limited to the following: •the main differences between microeconomics and macroeconomics •an example of each phenomenon •a description of a microeconomic decision you made, and the factors that contributed to your decision •a description of a specific macroeconomic phenomenon or event and how it has impacted you Instructor Comments: Microeconomics provides the basis and the theory for understanding decision making.
1. differences between microeconomics and macroeconomics
economics is a social science that studies the production, distribution, and consumption of goods and services. Economists generally divide economics into two branches, Microeconomics and Macroeconomics.
Microeconomics is the study of individuals (by individual here, I could mean individual persons, families and firms) and how they maximize their welfare, while limited by constraints (constraints here could be financial constraints, resources constraints, time constraints etc.). Microeconomics focuses on supply and demand, and other factors that determine price level. For example, microeconomists may look at what a particular firm does to maximize production, while maintaining a low price to better compete in the industry.
Macroeconomics deals with the performance, structure, behavior and decision-making of the entire economy, be