Microeconomics vs. Macroeconomics: Business 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

Related Documents

Microeconomics vs. Macroeconomics: Business and Economic Behavior

Microeconomics vs. Macroeconomics: Business and Economic Behavior - Page 1

Microeconomics vs. Macroeconomics: Business and Economic Behavior - Page 2

of 2

Recommended Documents

Average Cost in Production Theory

Average Cost in Production Theory

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Break-Even Point

Break-Even Point

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Decreasing Returns To Scale DRTS On The Production Curve

Decreasing Returns To Scale DRTS On The Production Curve

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Economies of Scale in Production Theory

Economies of Scale in Production Theory

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Homogeneous Products in Perfect Competition Markets

Homogeneous Products in Perfect Competition Markets

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Perfect Competition Market

Perfect Competition Market

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

The Solow-Swan Model of Economic Growth

The Solow-Swan Model of Economic Growth

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Between Competition and Monopoly, Part 2

Between Competition and Monopoly, Part 2

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Production, Inputs, and Cost: Building Blocks for Supply Analysis, Part 1

Production, Inputs, and Cost: Building Blocks for Supply Analysis, Part 1

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Principles of Microeconomics. Chapter 4 Answers

Principles of Microeconomics. Chapter 4 Answers

California State University, Northridge ECON 160 | Principles of Microeconomics

Answer Key

The Fundamental Economic Problem: Scarcity and Choice

The Fundamental Economic Problem: Scarcity and Choice

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Demand and Elasticity

Demand and Elasticity

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

New Documents from this Course

Explain the Principle of Comparative Advantage

Explain the Principle of Comparative Advantage

California State University, Northridge ECON 160 | Principles of Microeconomics

Study Guide

Value-Added Systems

Value-Added Systems

California State University, Northridge ECON 160 | Principles of Microeconomics

Study Guide

Apply Principles of Consumer/Producer Surplus

Apply Principles of Consumer/Producer Surplus

California State University, Northridge ECON 160 | Principles of Microeconomics

Study Guide

Producer Behavior in Microeconomics

Producer Behavior in Microeconomics

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Flexibility in Monetary Viewpoints: Value Awareness

Flexibility in Monetary Viewpoints: Value Awareness

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Investment In Technology

Investment In Technology

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Investment In Health

Investment In Health

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Investment In Energy

Investment In Energy

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Labor Shortage, Unemployment Types, Natural Unemployment Rate, and Inflation

Labor Shortage, Unemployment Types, Natural Unemployment Rate, and Inflation

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Microeconomics: Economic Growth, Employment, Capital, and Productivity

Microeconomics: Economic Growth, Employment, Capital, and Productivity

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Understanding GDP & Economic Indicators

Understanding GDP & Economic Indicators

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note

Determinants of Supply in Competitive Markets

Determinants of Supply in Competitive Markets

California State University, Northridge ECON 160 | Principles of Microeconomics

Lecture Note