Difference between microeconomics and macroeconomics.
Micro economics is about economic situations pertaining to an individual. Macro economics is more concerned with the whole economy. Microeconomics economics is generally with prices as their main concern. Its important to note that ideals situations in microeconomics may not rhyme with the general economy (macroeconomics). Mean while microeconomics and macroeconomics are relatively interlinked. Persuasive arguments University of Massachusetts Lowell — UMass Lowell (Navitas)?
For micro economics, the ease of write an opinion essay stanstead college,
supplying goods and services depends on the general investment and activities in the whole economy.
Meanwhile the critical thinking words Ross School,
total performance of macro economics is a subject of the short article lakefield college school,
total activities that take place in micro economics (Farmer, 1999, p. 200).
Economic agents are players in economics who make decisions on how much to spend on an item or whether the need needs any attention at all.
Basic concepts on microeconomics and macro economics.
All goods produced by an economy equals to peer reviewed academic journal articles ross school,
consumption of the house holds. This is an assumption that nothing produced by the economy is the critical thinking words Ross School,
same with what the households require.
In this article, we discuss the different forms of wants. One obvious thing is that wants will always be present and they will always require attention all times. If you give a mouse a cookie is a literature book purposely addressed to small children. However it contains immense economic concepts. This book was written Laura Joffe Numeroff.
A story is told of a boy who was taking some time to rest when an unexpected visitor showed up, a mouse. The mouse had different wants and peer reviewed academic journal articles ross school,
needs which mutated as the day progressed. The boy felt companionate about the lone traveler and he generously gave him a cookie. On receiving the cookie, the mouse developed a new want, he asked the boy to assist him with milk so that he could be comfortable taking the how to write a business essay ridley college,
cookie offered to him by the boy. The boy is kind enough and gives the how do we write an article bromsgrove international school thailand,
rat some milk. Once it was done taking milk it asked the boy if he could avail a mirror so that it could check if there was any milk mustache. critical thinking words Ross School?
Once he looked into the mirror he was shocked at the size of his hair. He needed a shave so he requested the boy to avail pair of scissors. Once the boy trimmed the mouse hair, the house was littered with hair. critical thinking words Ross School?
He needed to look for critical thinking words Ross School
a broom and clean up the place. This story is critical thinking words Ross School
an appropriate background to base our argument on characteristics of microeconomics and macro economics. Writing a response essay Glion London, Business & Hospitality School?
We shall be in a position to understand the nature of human wants, what it takes to satisfy them and the short article lakefield college school,
various challenges involved. We also get to analyze the critical thinking words Ross School,
various strains that befall the economy as a whole (TR Jain, 2010, p. 67).
The mouse gave the boy a difficult afternoon with its unlimited wants and needs. How to write a business essay Ridley College?
Human wants and needs connect to the character of the mouse. People are faced with difficult challenges in making choices between what to prioritize and what leave out among numerous wants and needs that pop out each day. This paper will connect on this phenomenon in relation to micro economics. Micro economics deals with the relation ship between buyers and sellers. It is also concerned with the factors that affect it. critical thinking words Ross School?
Macro economics on the other hand IS concerned with the brooder national economy. First of all wants and needs can not be satisfied. Once a need has been addressed, it seems satisfied for that moment. After some times it represents itself again and require attention one more time. Needs like food require that a person keeps on satisfying them time after time.
Wants are complementary in the sense that one leads to another. The mouse sows the need to critical thinking words Ross School,
have milk at writing a response essay glion london, business & hospitality school,
his disposal once he was served with a cookie. A need or a want may require another different want to be satisfied. critical thinking words Ross School?
The later is a subject of fulfilling a need. For example a person who buys a car will need to buy gas also else they may not satisfy their need to drive car.
Wants vary with situations and critical thinking words Ross School,
time. Mouse needs changed with situations like when he saw a mirror he immediately wanted to have a shave.
Taking the boy to symbolize the economy, one will realize the obvious strain posed. Short article Lakefield College School?
First of all the boy has to keep on attending to the demands of the mouse. critical thinking words Ross School?
Most likely itвЂ™s not his resources he uses to satisfy the mouse endless demands. Some times the critical thinking words Ross School,
economy is strained in delivering services with regard to numerous high demands; it may also not be in a position to serve all needs at critical thinking words Ross School,
its disposal. The econ9omy must also be in a position to offer required services once they arise this are depicted in the boys character. He was always ready to attend to the mouse demands.
The boyвЂ™s actions are however outrageous this is because in micro economics and macro economics, exchange of both services and critical thinking words Ross School,
goods take place. The boy was only providing to the mouse which in return offers nothing in return. critical thinking words Ross School?
If households in an economy do not provide services to the economy, the economy must also not attend to critical thinking words Ross School,
its requirements since it would be equally impossible to sustain the economy. The boy is not doing a single thing to persuasive arguments university of massachusetts lowell — umass lowell (navitas),
help in provision of goods. If the write an opinion essay stanstead college,
boy exhausted all he had trying to critical thinking words Ross School,
serve the mouse, he would then end up with nothing for himself to persuasive arguments university of massachusetts lowell — umass lowell (navitas),
spend leave alone the mouse (Weintraub, 1979, p. 200).
Use of resources is write an opinion essay stanstead college
crucial in an economy. Resources are supposed to be used apropriatly and when need arises. In order to make good use of resources it is important to carryout training to the general population. It would not be wrong to assume that the boy had little if any knowledge on peer reviewed academic journal articles ross school
how to critical thinking words Ross School,
spend the little resources at his disposal. It is also important for the general public to know when to spend on a particular want or when not to spend.
Economic developments can only be achieved if resources are used appropriately and the best is made out of them (Farmer, 1999, p. 160).
In macro economics, we also learn the various implications of house holds behavior to the whole economy. If the economy is strained by the various wants it may end up becoming un able to provide to the house holds. Resources must be availed to enable the economy support the households. The boy was serving the mouse consistently yet there was no replacement of the goods he gave out. It implies that he could have got himself into a position where he could no longer have something to persuasive arguments university of massachusetts lowell — umass lowell (navitas),
offer the mouse. In fact the boys actions can be regarded an abuse of the economy (Weintraub, 1979, p. 200).
Amitava Krishna Dutt, J. R. (2003). Development Economics and Structuralist Macroeconomics. Cheltenham: Edward Elgar Publishing.
Farmer, R. E. (1999). The Macroeconomics of Self-fulfilling Prophecies. Cambridge: MIT Press.
TR Jain, V. O. How do we write an article Bromsgrove International School Thailand?
(2010). Introductory Microeconomics and write an opinion essay stanstead college,
Macroeconomics. New Delhi: FK Publications.
Weintraub, E. R. (1979). Microfoundations. SГЈo Paulo: Cambridge University Press.