Microeconomics versus Macroeconomics
Economics for the Global Manager
Abstract I want to thank everyone for joining me today to review the effects of microeconomics and macroeconomics in conjunction with the healthcare industry. We will start with a brief introduction of what we will review, and then briefly hit on the subject matter in a bit more detail. “The world’s largest and most diverse economy currently faces the most severe economic challenges in a generation or more”. The value of resources is an important aspect of economic status with both microeconomics and macroeconomics. It is important to understand the differences and similarities between microeconomics and macroeconomics to fully understand…show more content… Differences between microeconomics and macroeconomics Although microeconomics and macroeconomics are somewhat intertwined and rely on one to determine the other, they also have many differences. Macroeconomics is the study of aggregated supply and demand of all goods and services, as an economy as a whole including the economic effect of the whole economy (Gottheil & Wishart, 1997). Microeconomics is the study of supply and demand of individual consumers and firms of individual goods and services (Gottheil & Wishart, 1997).
Microeconomics and macroeconomics phenomenon
As we watch the major changes within the healthcare system and healthcare reform evolve, and unsure as to what the final outcome will be, the economy is sure to change for patients, physicians, vendors, bankers, impact on other countries and many more factors. The main phenomenon’s that are in question at this time are “why are healthcare costs overburdening the economy?” and “what are the main factors that are impacting the situation?” The end question is going to be “how do we resolve the problem”.
An example of macroeconomics within the economic healthcare system this is the trend of the GDP of US healthcare costs. An important factor in this trend is the trend of uninsured population