The definition of Economics and the difference between Macroeconomics and Microeconomics . Concept Introduction : Economics : It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth. It deals with production, distribution, and consumption of goods and services. Micro Economics: It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts. Macro Economics: It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment , the general price level, and national income .

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Answer 1

Question

Chapter 1, Problem 1.1LO

To determine

To discuss:

The definition of Economics and the difference between Macroeconomics and Microeconomics.

Concept Introduction:

Economics:

It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth.

It deals with production, distribution, and consumption of goods and services.

Micro Economics:

It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts.

Macro Economics:

It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment, the general price level, and national income.

Expert Solution & Answer

Explanation of Solution

Answer:

Economics is a study of the general productivity, consumption and transfer of wealth considered in a micro & macro levels.

The main difference between the microeconomics&macroeconomics is that Micro-Economics is a study of economics at an individual level, while Macro-Economics is a study of the national economy as a whole.

For example, Micro-Economics will consider individual firm decision or the individual decision while studying the specific studies such as rise/fall in consumer goods.

While Macro-Economics takes into the consideration aggregate repercussion on the economy due to the cumulative effect of the many firms or people.

Other examples for Micro-Economic analysis would include:

The effects of changes in the price of gasoline relative to that of other energy sources.
The effects of new taxes on a specific product or industry.
If the government establishes new health care regulations, how individual firms and consumers would react to those regulations.
The effects of higher wages brought about by an effective union strike.

In contrast, Macro-Economic analysis would include issues such as follows:

The rate of inflation and the level of unemployment.
The yearly growth in the output of goods and services produced in a nation.

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Answer 2

Question

Chapter 1, Problem 1.1LO

To determine

To discuss:

The definition of Economics and the difference between Macroeconomics and Microeconomics.

Concept Introduction:

Economics:

It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth.

It deals with production, distribution, and consumption of goods and services.

Micro Economics:

It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts.

Macro Economics:

It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment, the general price level, and national income.

Expert Solution & Answer

Explanation of Solution

Answer:

Economics is a study of the general productivity, consumption and transfer of wealth considered in a micro & macro levels.

The main difference between the microeconomics&macroeconomics is that Micro-Economics is a study of economics at an individual level, while Macro-Economics is a study of the national economy as a whole.

For example, Micro-Economics will consider individual firm decision or the individual decision while studying the specific studies such as rise/fall in consumer goods.

While Macro-Economics takes into the consideration aggregate repercussion on the economy due to the cumulative effect of the many firms or people.

Other examples for Micro-Economic analysis would include:

The effects of changes in the price of gasoline relative to that of other energy sources.
The effects of new taxes on a specific product or industry.
If the government establishes new health care regulations, how individual firms and consumers would react to those regulations.
The effects of higher wages brought about by an effective union strike.

In contrast, Macro-Economic analysis would include issues such as follows:

The rate of inflation and the level of unemployment.
The yearly growth in the output of goods and services produced in a nation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 1, Problem 1.1LO

To determine

To discuss:

The definition of Economics and the difference between Macroeconomics and Microeconomics.

Concept Introduction:

Economics:

It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth.

It deals with production, distribution, and consumption of goods and services.

Micro Economics:

It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts.

Macro Economics:

It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment, the general price level, and national income.

Expert Solution & Answer

Explanation of Solution

Answer:

Economics is a study of the general productivity, consumption and transfer of wealth considered in a micro & macro levels.

The main difference between the microeconomics&macroeconomics is that Micro-Economics is a study of economics at an individual level, while Macro-Economics is a study of the national economy as a whole.

For example, Micro-Economics will consider individual firm decision or the individual decision while studying the specific studies such as rise/fall in consumer goods.

While Macro-Economics takes into the consideration aggregate repercussion on the economy due to the cumulative effect of the many firms or people.

Other examples for Micro-Economic analysis would include:

The effects of changes in the price of gasoline relative to that of other energy sources.
The effects of new taxes on a specific product or industry.
If the government establishes new health care regulations, how individual firms and consumers would react to those regulations.
The effects of higher wages brought about by an effective union strike.

In contrast, Macro-Economic analysis would include issues such as follows:

The rate of inflation and the level of unemployment.
The yearly growth in the output of goods and services produced in a nation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 1, Problem 1.1LO

To determine

To discuss:

The definition of Economics and the difference between Macroeconomics and Microeconomics.

Concept Introduction:

Economics:

It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth.

It deals with production, distribution, and consumption of goods and services.

Micro Economics:

It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts.

Macro Economics:

It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment, the general price level, and national income.

Expert Solution & Answer

Explanation of Solution

Answer:

Economics is a study of the general productivity, consumption and transfer of wealth considered in a micro & macro levels.

The main difference between the microeconomics&macroeconomics is that Micro-Economics is a study of economics at an individual level, while Macro-Economics is a study of the national economy as a whole.

For example, Micro-Economics will consider individual firm decision or the individual decision while studying the specific studies such as rise/fall in consumer goods.

While Macro-Economics takes into the consideration aggregate repercussion on the economy due to the cumulative effect of the many firms or people.

Other examples for Micro-Economic analysis would include:

The effects of changes in the price of gasoline relative to that of other energy sources.
The effects of new taxes on a specific product or industry.
If the government establishes new health care regulations, how individual firms and consumers would react to those regulations.
The effects of higher wages brought about by an effective union strike.

In contrast, Macro-Economic analysis would include issues such as follows:

The rate of inflation and the level of unemployment.
The yearly growth in the output of goods and services produced in a nation.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1.1LO

To determine

To discuss:

The definition of Economics and the difference between Macroeconomics and Microeconomics.

Concept Introduction:

Economics:

It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth.

It deals with production, distribution, and consumption of goods and services.

Micro Economics:

It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts.

Macro Economics:

It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment, the general price level, and national income.

Expert Solution & Answer

Explanation of Solution

Answer:

Economics is a study of the general productivity, consumption and transfer of wealth considered in a micro & macro levels.

The main difference between the microeconomics&macroeconomics is that Micro-Economics is a study of economics at an individual level, while Macro-Economics is a study of the national economy as a whole.

For example, Micro-Economics will consider individual firm decision or the individual decision while studying the specific studies such as rise/fall in consumer goods.

While Macro-Economics takes into the consideration aggregate repercussion on the economy due to the cumulative effect of the many firms or people.

Other examples for Micro-Economic analysis would include:

The effects of changes in the price of gasoline relative to that of other energy sources.
The effects of new taxes on a specific product or industry.
If the government establishes new health care regulations, how individual firms and consumers would react to those regulations.
The effects of higher wages brought about by an effective union strike.

In contrast, Macro-Economic analysis would include issues such as follows:

The rate of inflation and the level of unemployment.
The yearly growth in the output of goods and services produced in a nation.

Answer 6

Chapter 1, Problem 1.1LO

To determine

To discuss:

The definition of Economics and the difference between Macroeconomics and Microeconomics.

Concept Introduction:

Economics:

It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth.

It deals with production, distribution, and consumption of goods and services.

Micro Economics:

It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts.

Macro Economics:

It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment, the general price level, and national income.

Expert Solution & Answer

Explanation of Solution

Answer:

Economics is a study of the general productivity, consumption and transfer of wealth considered in a micro & macro levels.

The main difference between the microeconomics&macroeconomics is that Micro-Economics is a study of economics at an individual level, while Macro-Economics is a study of the national economy as a whole.

For example, Micro-Economics will consider individual firm decision or the individual decision while studying the specific studies such as rise/fall in consumer goods.

While Macro-Economics takes into the consideration aggregate repercussion on the economy due to the cumulative effect of the many firms or people.

Other examples for Micro-Economic analysis would include:

The effects of changes in the price of gasoline relative to that of other energy sources.
The effects of new taxes on a specific product or industry.
If the government establishes new health care regulations, how individual firms and consumers would react to those regulations.
The effects of higher wages brought about by an effective union strike.

In contrast, Macro-Economic analysis would include issues such as follows:

The rate of inflation and the level of unemployment.
The yearly growth in the output of goods and services produced in a nation.

Answer 7

Chapter 1, Problem 1.1LO

To determine

To discuss:

The definition of Economics and the difference between Macroeconomics and Microeconomics.

Concept Introduction:

Economics:

It is the study of how people allocate their limited resources to satisfy their unlimited wants. In other words, it is a branch of knowledge which determines and establishes a concrete evidences for the research in the production, consumption and the transfer of wealth.

It deals with production, distribution, and consumption of goods and services.

Micro Economics:

It is study of the single unit or concerned with single factors such as individuals (or households) and by firms. It only considers a study of individual decisions and its impacts.

Macro Economics:

It is the study of the behavior of the economy as a whole, including such phenomena as changes in unemployment, the general price level, and national income.

Answer 8

Expert Solution & Answer

Explanation of Solution

Answer:

Economics is a study of the general productivity, consumption and transfer of wealth considered in a micro & macro levels.

The main difference between the microeconomics&macroeconomics is that Micro-Economics is a study of economics at an individual level, while Macro-Economics is a study of the national economy as a whole.

For example, Micro-Economics will consider individual firm decision or the individual decision while studying the specific studies such as rise/fall in consumer goods.

While Macro-Economics takes into the consideration aggregate repercussion on the economy due to the cumulative effect of the many firms or people.

Other examples for Micro-Economic analysis would include:

The effects of changes in the price of gasoline relative to that of other energy sources.
The effects of new taxes on a specific product or industry.
If the government establishes new health care regulations, how individual firms and consumers would react to those regulations.
The effects of higher wages brought about by an effective union strike.

In contrast, Macro-Economic analysis would include issues such as follows: