Microeconomics vs. Macroeconomics: Understanding Business Dynamics and Economic Behavior | California State University, Northridge - Edubirdie

University:
California State University, Northridge
Course:
ECON 160 | Principles of Microeconomics
Academic year:

2023
Views:

353

Pages:

2
Author:

Mahmoud M.

Microeconomics notes Micro: Focus on the customer and business Macro: Focus on business with all personal preferences Key micro insight: The power of business communication Adam Smith's invisible hand: "When people act when they want to Do what we want" Macroeconomics: National or examining the aggregate of global behavior Allocating resources between economies to achieve economic goals Microeconomics: Impact on family, firm behavior and business ● Research 444i4 and Staff Market participants Synthesis Error: ● When does it occur? False assumptions are made from one good or fact because the rest are good or true. ○ If one person stands up, others see better, and if everyone stands up, No one sees better. Attitude Paradox: - Excessive saving is bad for the economy or increase in saving causes loss - Circular Flow Models: Define the flow of resources, goods and services, and income Trade ● These are the flow of money from companies to families and from families to companies. Household: - All persons providing the necessary resources in the business exchange income. - Providing jobs and other production - Everyone is a member of the family - They earn money to buy goods in the market - Goods that satisfy all customers Market inputs = income Market outputs = prices of goods and services In a microeconomic economy, the relationship between supply and demand focuses on interaction Macroeconomics focuses on the link between goods and commodities - Money, Money and Prospects Law of Saying: Supply creates its own demand People make money through ownership ● Creates demand for products inside the market

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Microeconomics vs. Macroeconomics: Understanding Business Dynamics and Economic Behavior

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