Microeconomics And Macroeconomics Of Microeconomics

Microeconomics deals with the individual parts in the economy and how they relate to each other. Macroeconomics deals with the totals of these parts in our economy

David Colander defines economics as "the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society” (Colander, 2010, p. 4). Coordination in this definition refers to production content, method, recipients, and even quantity. To think like an economist one must analyze every situation by comparing the costs and benefits and make any decisions based on those findings (Colander, 2010). The study of microeconomics zeroes in on the individual and analyzes how economic forces affect the choices he or she makes.

“As for me, I was thinking not about death but about not wanting to be separated from my father. We had already suffered so much, endured so much together. This was not the moment to separate.” (pg. 82.

In the the text Harlemworld the author John L. Jackson visits Harlem in this visit Jackson began to demonstrate how the race or class interact. The author says “Harlem is often understood as a decidedly black space, as the home of African American cultural ferment and particularity, the "capital of Black America." (pg 18) then to my understanding, Harlem is portrayed as a norm for African Americans. Harlem can be an example of socialization because in the area there is a norm that everyone should act a certain way because they are from Harlem. Jackson says “To call Harlem black, to understand it as such, is to join in popular presuppositions of that selfsame blackness as an ontological solution to vexing questions of race-based social interest.”

1.Economics is best defined as the study of A) financial decision-making.B) how consumers make purchasing decisions.C) choices made by people faced with scarcity.D) inflation, unemployment, and economic growth.Points Earned: 0.4/0.4Correct Answer(s): C

1. If an economy produces final output worth $5 trillion, then the amount of gross

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. Economics can even be used a few different ways. They are the study of scarcity, the study of how people use resources, or the study of decision-making. One of the central tenets of economics is that people want certain things and will change their behavior to get those things according to American Economic Association. The economic study ranges from the very small to the very large. Much of economics involves the use of data gathered by governments, businesses, or in the laboratory to test the hypotheses about whether a certain program, event, or incentive will have the expected effect. Our nation is affected by economics in the way that you work, spend money, eat, simply just how you live on a regular

The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.

What is accounting? Accounting is to saving, arranging, plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses and also records the financial transactions. Accounting also focus on preparing a transparent and general purpose form of financial statement to people outside of the company (What is accounting?), so that the public could easily understand the financial status of a company, but as a new specific accounting standard released the regulations about leasing, things are getting unclear.

Microeconomics involves supply and demand in an individual market, individual consumer behavior, and externalities arising from production and consumption; while, macroeconomics involves monetary/fiscal policy, reason for inflation and unemployment, and international trade/ globalization.

Coming from the general business background, I find economics the most influential and powerful social science in society's daily life. Good knowledge of economics leads to better decision-making and choices, understanding how people and countries interact with each other and can significantly improve the quality of life for individuals and in the larger scale to countries.

I think that what we learned on market economics is the correct way of thinking about human interaction and the functioning of markets. Microeconomics offered an interesting, and potentially more useful, perspective on the market because it essentially told us how our individual decisions affect the market.

2. Microeconomics – the branch of economics, which deals with the individual decisions of units of the economy – firms and households, and how their choice determine relative prices of goods and factors or production.

I grew up in a remote rural village in Rift valley-Kenya, my family and friends expected me to join the Kenyan police like most of my relatives, but my life would follow rather a different course. Unfortunately, in 2012 my father died of meningitis. It was hard watching him in a hospital transition from a strong man to a mere shadow of what he once was. The most prominent memory I have is when one night, the hospital machine began beeping louder and louder as my father laid comatose in his bed. I knew something was wrong and rushed to the nurse station, but no one was there. I looked around in the hallway, but my search was in vain. When I went back to my father’s bed, it was already too late. He was gone. I was deeply affected by his passing and felt like I was now the surviving father of my family and had to soldier on to comfort my siblings. Desperate, I turned to God for answers. I needed to know of God’s love and my spirituality became a guiding force that brought peace and happiness in my life. I became a youth pastor and a Sunday school teacher for a local church in Kenya, a role in which I acquired leadership skills and a gained a better understanding of the western medicine. Due to those tough times and other instances of medical neglect in my village, I generated a deep desire to help my fellow villagers thence began my life-long pursuit to become a physician.

When I was first given this assignment I was extremely perplexed at how I would even begin to finish it. I had no idea how economics related to my life in anyway. I hadn’t thought about it critically and I struggling terribly. Thanks to some much needed help from a fellow classmate, he allowed me to get an idea of things from his own essay. After reading not one, but two other essays, I was so surprised at how oblivious I had been. I never realized that just about everything that goes on in my daily life is, in fact, economics. I never realized that from the things I buy to the money I earn from working is all economics. The things I miss out of while working or going to school is a complete opportunity cost. Or even