Question

The goal of this course has been to provide you with an overview of the fundamental workings of the American economic system through exposure to both microeconomic and macroeconomic concepts. This discussion board invites you to self-evaluate how successful you have been in attaining that goal. Please address all of the following components:

Discuss the major differences between macroeconomics and microeconomics. Explain which of the two that you feel has most significantly broadened your understanding of the American economy overall, and which you feel has the most relevance to your individual goals.  Refer to two or three of the theories, concepts, terms, or models we have studied that you can apply in your daily life.

Go back to the question you had about economics in the Week One discussion board. Please answer that question to the best of your ability in the context of what you learned in the course. Please state your question in your response.

What parts of the course were most pertinent to answering the question you wrote for yourself? Were you surprised at where the answers did or didn't come from? Why or why not?

Please state the original question in your post.

Though you are not required to do so, we encourage you to respond to your peers.

Answer 1

Differences between Microeconomics and Macroeconomics:

Macroeconomics deals with the individual, group, and firm-level whereas Macroeconomics deals on a broader level like nation economy. Macroeconomics deals with the subjects which affect individuals and firms of the economy. It means issues related to supply and demand of a particular product, the production level issues of a certain firm and the impacts of government rules and regulations. Macroeconomics is the study of significantly high levels of economic issues such as money supply in the economy, the gross domestic product of the economy, imports and exports of the economy, unemployment in the economy, inflation rate etc.

The macroeconomic deals with the overall economic issues and it broadened my understanding of American economy. I studied about the unemployment rate, inflation rate GDP level of America which broadened my knowledge of American economy.

If I talk about my individual goals, microeconomics is relevant for me as it deals with the economic issues of an individual level like how to get maximum satisfaction, optimum utilization of resources and the best combination of goods. I learned about indifference curve, my preferences and my personal budget line for goods.