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Cultural Factors ECON224 Unit 3 IP

Cultural Factors ECON224 Unit 3 IP - CulturalFactors...

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Cultural Factors ECON224- Unit 3 IP Cheri Bolin August 4, 2011 1
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The value of resources is an important aspect of  economic status with both microeconomics and  macroeconomics (Advameg. INC, 2011). It is  important to understand the differences and  similarities between microeconomics and  macroeconomics to fully understand the full  aspect of how the economy as a whole is  impacted by production, distribution and  consumption (CIA World Fact Book, 2010).   2 Abstract
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Studies individuals and firms Concentrates on supply and demand Maximizes production to compete in the industry Focuses on the increase or decrease in taxation,  price changes Opportunity Cost in relation to monetary values Plays a big role in the decision making process of  individuals and firms  (CIA World Fact Book, 2010) 3 MICRO-economics
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Focuses on the performance, structure, behavior 
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