Unit 1 Individual Project - Running Head: MICROECONOMICS...

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Running Head: MICROECONOMICS VS. MACROECONOMICS 1 Economics for the Global Manager: Microeconomics vs. Macroeconomics Stacey Goeppinger American Intercontinental University Online
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Running Head: MICROECONOMICS VS. MACROECONOMICS 2 Abstract Economics can be defined as the science that pertains to the assembly, distribution, and the utilization of goods and/or services within the economy. After both WWI and WWII economists realized the amount of emphasis that had been put on the breakdown of our economic growth and development by utilizing intricate and technological tools. While economists economic theory has been widely disbursed throughout two important fields in economics and are microeconomics and macroeconomics. Both are important and bring tools to the table in order to explain the inner and outer workings of our market. Microeconomics is where economists are able to examine the individual and group workings within our economy’s markets, while Macroeconomics deals with the whole economic systems, taking a broader view at how the economy is working.
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Running Head: MICROECONOMICS VS. MACROECONOMICS 3 Microeconomics versus Macroeconomics Within this presentation we will be addressing the differences between Microeconomics and Macroeconomics. Just looking at both categories, it is obvious that they both share on common ground which is the term Economics. Economics deals with the study of assembly, distribution, and the utilization of economic goods and/or services and it is a good thing to realize and understand how these materials are able to be put out in order to meet the needs of the largest number of consumer’s within our economy’s market. Going back to the beginning of our discussion we saw that the two sub-categories of economics were microeconomics and macroeconomics which can be explained as the following: A) Microeconomics can be described as the way we study economic systems and how it may only affect one organization and/or their many counter-parts within the economic display, (Jeffery M. Perloff, pg. 11, 2007). B) Macroeconomics can be described as the way we study the economic system as a whole, rather in parts or individually. Main Differences between Microeconomics and Macroeconomics Now that we know a little about microeconomics, macroeconomics, and economics, which is where both the terms stem from we are able to move forward to discuss the main underlying differences amongst the two. It is obvious that you and I are able to see that “micro” in microeconomics deals with the smaller business communities and their decision making, while the “macro” in macroeconomics deals with the larger, yet broader communities and/or markets, which gives everyone of us the ability to comprehend the differences that will be found
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Running Head: MICROECONOMICS VS. MACROECONOMICS 4 between the two categories. However, even with all their differences they have between them, there are main differences that should be focused on more and are as follows:
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This note was uploaded on 02/22/2011 for the course ECON 102 taught by Professor Vanpoolen during the Winter '11 term at American InterContinental University.

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Unit 1 Individual Project - Running Head: MICROECONOMICS...

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