Reference no: EM132337711

Assignment: By learning the module 2 data to complete a writting assignment and a discussion board and reply to someone else's discussion paper(I will give you).

Format for Writing Assignment

For each module that the writing task is assigned respond to the following questions:

1. What are the three most important takeaways/lessons from the material provided in this module? (100 words or more).

2. How is the material provided in this module is helping your grow as a student and as an individual, in general? (100 words or more).

3. What was your favorite idea that you came across in the material provided in this module? (100 words or more).

4. Drawing on the material that was provided what else would you like to know? What other related questions/ideas/topics would you like to explore in the future? (100 words or more).

Discuss question: What are the main differences between micro and macro economic perspectives? Why do they matter?

Reply to this discussion (250 words or more):

Microeconomics can be defined as the study of decisions made by people and businesses regarding the allocation of resources, prices of goods, services, and takes government taxes and regulations into account. It focuses on supply and demand and other factors that can affect price levels in the economy. Essentially, microeconomics does not try and explain what factors should take place in a market. Instead, it explains what happens when there are changes under certain conditions.

Macroeconomics can be defined as the study of behavior of a country and how its policies affect the economy as a whole. It analyzes industries or specific companies. It tries to answer questions like, "What should the inflation rate be?" or "What stimulates economic growth?" Macroeconomics focuses on economic correlations, and is mostly used as an analytical tool, which is why governments tend to use it to create economic and fiscal policies.

Although Microeconomics and macroeconomics have some differences, they are actually interdependent and compliment each other. This is important because microeconomics depends on the activity of macroeconomics. For example, price, rate of interest, rate of profit, wages, etc. are all known as part of microeconomics, but they all depend on the behavior of macroeconomics. The price, rate of interest and wage are determined by their supply and demand in country and not by the individual supply and demand. Similarly, the profit of any business depends upon the nature of the market, national income and the price level of the economy. Demand, price level, national income and employment are affected by macroeconomic fluctuations. The change in macroeconomic indicators eventually bring change to microeconomic activities.

Videos: 1. Economic profit vs accounting profit | Microeconomics | Khan Academy

2. How to stop screwing yourself over | Mel Robbins