Written Assignment 1 Microeconomics.docx - Written Assignment Unit 1 Microeconomics 1 ‘Microeconomics focuses on the actions of individual agents

Written Assignment 1 Microeconomics.docx - Written...

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Written Assignment Unit 1 - Microeconomics 1. ‘Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses; Macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports (OpenStax Economics, 2016, p22). Microeconomics is associated with how people make decisions at a small scale, an example of microeconomic phenomenon , would be deciding to buy a pair of socks or a pair of trainers from either from eBay or Amazon as both items meet basic human needs, therefore it becomes a matter of priorities & preferences v. macroeconomics which looks at how the wider economy works as a whole, an example of macroeconomic phenomenon , would be the current rate of unemployment and how it affects individuals/businesses as a whole.
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