MICROECONOMICS AND MACROECONOMICS

1MICROECONOMICS AND MACROECONOMICS.NAME:INSTITUTIONCOURSE NUMBERCOURSE TITLE:INSTRUCTOR’S NAME:DUE DATE:2MICROECONOMICS AND MACROECONOMICS.Firstly economics is the sub-division of knowledge or social science that seeks to addressproduction, consumption, and wealth transfer. Therefore economics concept is based on how acommunity or society utilizes its limited resources.The differenceMicroeconomics is the study of how businesses and people develop decisions related tothe prices of which services and goods will be sold and resource allocation. It also considersgovernmental legislation, regulations, and taxation. Therefore it mainly focuses on demand,supply, and other pricing determining factors in an economy. However, it does not seek toexplain the market forces but what occurs when certain conditions are implemented. An exampleof microeconomics is when a bread-producing company decided to increase its productioncapacity, lowering the price per unit.While macroeconomics seeks to study a county’s overall behavior and how a country’spolicies affect the entire economy, macroeconomics seeks to examine the economies andindustries rather than people and compan … Purchase document to see full attachment

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