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Microeconomics - Essay Example

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The one thing that these two concepts have in common with each other is that they both come from the main category of economics (“Difference”). The…
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Download file to see previous pages... Macroeconomics is similar to this except that it deals with a country’s GDP, trade figures, and unemployment rates (“What’s”). These two economic principles go hand-in-hand because they each compliment each other. For example, the purchasing decision of an individual consumer would have an effect on the greater country as a whole, no matter how big or small. Looking at it from the other perspective, a macroeconomic decision taken by a government will have an effect on the spending habits of a single consumer. Microeconomics is largely to do with the prices of regular goods and services and how they affect a market. If a market is not doing so well, maybe the prices of goods and services need to be lowered. On the other hand, if the economy is doing above average, maybe the prices of goods and services need to be raised. This is largely due to the need to control inflation, which has more to do with macroeconomic decisions (Fox). Macroeconomics is concerned with economic growth and the discrepancies in national income, or GDP (“Difference”).
An example of an economic decision that I could make would be the purchase of some new running shoes. If the price is too high, then I will put off my decision to purchase a new pair. Alternatively, I could look for another pair that is cheaper and more in my price range. Before making the final purchasing choice, I would find a selection of running shoes and evaluate of pair based on its pros and cons. Factors that I would consider in making my choice would obviously be price, followed by quality. Ultimately, my final choice would come down to the best pair of running shoes that I could buy in terms of durability and how comfortable the shoes are.
An example of a macroeconomic decision that has affected me has been the raising of the minimum wage level. When a government chooses to raise the minimum wage, a consequence of ...Download file to see next pagesRead More
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