Introduction
Mirco and marco-economic is the study of different kinds of economic. Mirco deal with the little man and how he decide how he is going to conduct business and marco is how our government decide to do business. When studying the economic, it is best to study everything about how our economic is formed to get a real understanding of it.
Every time we made a decision when purchasing anything that decision affects the economic. When businesses have to lower their overhead and lay people off, it affects the economy.
The difference between Microeconomics and Macroeconomics is that microeconomics is basically the study of people and their business choices that they make and macroeconomics is the decisions the country and government decides. There have been a lot of studies done on microeconomics and macroeconomics (Investopedia.com, n.d.).
The decision that people make in businesses concerning the share of their capital and prices of goods and services is called microeconomics; they also have to consider the taxes and regulations that the government creates. Supply and demand and prices in the economy is the main thing that microeconomics deals with; for instant, it would look at a company and try and figure out how the company could product more and lower their cost and still do as well as other companies in the industries (Investopeida.com, n.d.).
Macroeconomics deals with the whole economy and not just one industry. The Gross National Product and what affected it has on unemployment, national income, rate of growth, and price levels are some of the things that are studied in macroeconomics. The raising and lower of net export influences the countries funds account or how GDP would have an effect on the unemployment rate (Investopeida.com, n.d.).
The Essay on Business Management Study Guide
Test Format 74 points True/False, Multiple Choice, Matching, Fill in the Blank, Short Response Management: the process of accomplishing the goals of an organization through the effective use of people and other resources. Functions of Management Planning: involves analyzing information, setting goals, and making decisions about what needs to be done. Organizing: means identifying and arranging the ...
Even though they are different, they are inter-reliant and balance each other because they have areas in which they overlie each other on some of the issues. Microeconomics goes from the little person up to figure out the economy while macroeconomics look at the most senior level in management to figure out the economy. We should study microeconomics and macroeconomics to get a good understanding of how businesses function and receive profits and how the economy is directed and suspected (Investopeida.com, n.d.).
Example of each phenomenon that we see every day would be that micro lowers or raises assessment and supply and demand causes the prices to increase or decrease. Macro causes depression, inflation, unemployment and economical growth.
A description of a microeconomic decision I made recently; every year we go to Orlando, Florida for the Florida Classic. We do not have to pay for the housing because of time shares we have gained over the years. The tickets were already brought during the summer; so we did not have to worry about that. The only thing we had to worry about was money for meals and gas. We have a condo which sleeps eight people; we do not charge them anything, but I know one of them will give us money for them to stay there.
Usually when we go I purchase purses and bring them back and sale them, but because of funds I could not do that. Anyway, I knew I would get $150 from my friend and I would have to divide that up with my husband. That would allow me only $75. The tickets for the game cost $50 apiece, so we decided to sell the tickets and get the money. I was able to purchase some purses, but missed the game. It turns out we missed a big opportunity for cost. The game was the best game this year and we missed it. That was the opportunity cost we had.
The Term Paper on Globalisation on Service Economies in the Uk
MacKinnon & Cumbers (2011) defined globalisation as "… the increased connections … in flows of goods, services, money, information and people across national and continental borders. ". The globalisation process may be decomposed into constituent processes in order to explain the impacts it has had, which will be discussed more later. In turn, a service economy is one, or part of one, that ...
The second microeconomic decision I made was another year we purchased the tickets for the game in July like I stated before. That year the tickets were $40 apiece. We left home on a Thursday to go to Orlando; the game was on that Saturday. Saturday morning before I woke up I dreamed I did not have the tickets. Well, when I woke up I looked for them and they were not there. I realized I changed wallets and the tickets were in that wallet. The decision to make was did we want to spend another $80 to see the game or just stay outside. Well, we decided to pay another $80 for two more tickets and go into the game. So it cost us $160 to see this game.
A description of a specific macroeconomic phenomenon that impacted my life would be when the economy went bad affecting the postal service. The postal service for the first time in its history went in the red and could not see a way out it. First of all, to give you background history on the postal service. We are a self sustaining government agency; since 1986 we have not until now gotten money from the government. Our salaries and monies for equipment all came from the products we sell.
The Postmaster General went before congress to see if we could borrow money and increase the stamp prices so we could get closer to being in the black then we would if we did not get the money. Well, September 30 we were denied everything from congress; there were talk that the post service only had enough money to cover two pay periods in the fiscal year 2011, which begin October 1, 2010. The Postmaster General came back and let the employees know that we would get paid.
I said that to say this, because of what is going on in the United States, the postal service has look into different ways of getting rid of employees. The ones whose attendance was bad, those that were not able to do their jobs and employees that have committed small mistakes. Before the economy went bad, we worked anywhere from 48 to 56 hours a week; well since, my hours are more like 40 to 44, causing me to fall into financial problems. Because of this I have had to file bankrupts; I never thought it would happen to me, but it did.
The Essay on Service Desk Money Friend Walked
Creative Writing: The Quest Feeling quite tired and hungry, my friend and I entered the food court of the Everett Mall. Looking around, I decided that I was going to get some Chinese food. I turned to my friend and told him, he said that he would too. We then made our way over to the Chinese food counter. Upon arriving, I realized a possible problem; we only had Canadian money. I walked up to the ...
Another example would be in the tobacco industry. Tobacco sales tax increased and affected smokers cause them to either decrease how much they smoke or just deal with paying the tax. My husband went from paying twenty-four dollars a carton for tobacco to seventy-four dollars a carton. If it was me, I would stop using it.
Reference
Difference between Microeconomics and Macroeconomics (n.d.).
In DifferenceBetween.net. Retrieved November 17, 2010, from http://www.differencebetween.net/business/difference-between-microeconomics-and-macroeconomics/
(n.d.).
In Investopedia.com. Retrieved November 17, 2010, from http://www.investopedia.com/ask/answers/110.asp
