L01 Concept_Test

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South Piedmont Community College *

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Course

102

Subject

Economics

Date

Feb 20, 2024

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docx

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1

Uploaded by ConstableSparrow1859

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a. Explain the difference between microeconomics and macroeconomics. b. Explain one thing you learned from completing the 10 FRED Activities. A. When attempting to understand the difference between microeconomics and macroeconomics, it is important to remember that microeconomics focuses on the individual and understanding the decisions they make, and their choices are influenced. This contrasts with macroeconomics, where the focus is placed on the accumulation individual choices and, when combined, those choices influence the economy, as well as economic trends. B. After completing the 10 FRED activities I learned that I have a solid grasp on how to navigate and utilize the basic functions of the website. Furthermore, I learned that the economy took a larger dip than I had previously thought in 2020, represented by the graph below. I also find it astounding that in 2020 the GDP took a significant dip just for it to shoot back up in 2021, also represented in the graph below. However, my knowledge on the subject is limited and I am hoping that as this class progresses I can acquire the knowledge to better understand the graph below and how COVID-19 effected the economy.
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