influenced by the level of economic activity, the productivity of labour and relative cost of labour compared to capital.[2] The demand and supply of labour are influenced by both macroeconomic and microeconomic factors. Macroeconomics refer to conditions in the whole economy affecting the general labour market. Microeconomic factors include specific industry and company conditions that influence the demand and supply of labour for particular occupations and labour skills. These are factors that are
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is how economic agents behave or interact and how economies work. Consistent with this, a primary textbook distinction is between microeconomics and macroeconomics. Microeconomics examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and markets, and their interactions. Macroeconomics analyzes the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy
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the simulation and will relate it to real-life examples. Micro and Macro Principles During the simulation, the two microeconomic principles or concepts present were the supply of apartments that GoodLife offered and the demand for the apartments by the consumers. Both concepts focused on a closer level to the supplier and consumer, which is why it can be defined as a microeconomic concept. Each concept focuses on the affect that an increase or a decrease in demand for or supply of two-bedroom apartments
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of scarcity. Macroeconomics examines either the economy as a whole or its basic subdivisions or aggregates, such as the government, household, and business sectors. Microeconomics is the study of parts of economics concerned with particular markets, and segments. This study looks at analysis in a single household, a company, or a specific industry. Microeconomics looks closely at supply and demand in single markets, consumer’s behaviors and choices. However, Macroeconomics is the study of
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.Microeconomics Assignement 1 1. a. Define opportunity cost, and explain its importance in economics. (3 marks) Opportunity cost refers to what you must give up (trade off) to obtain some item. It represents the forgone opportunities. It is very important to all of us; it helps and guides our decisions in life. For every decision made, no matter the circumstances; work, school, business, life in general, we incurred a cost, the opportunity cost, what we must give up to obtain the chosen good.
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Phase 2 IP By: Tiffany Geisler Class: ECON210 Colorado Online University Gross Domestic Product or GDP is an economic indicator used to measure a countries status of economic development & status as well as performance. It incorporates the total market value of all the goods and services produced within a particular country. It is calculated on an annual basis which incorporates public consumption, investments, imports & exports, government spending, and private consumption within a defined
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wants. 3. Wants Are all of the things that people would if they had unlimited income. Microeconomics versus Macroeconomics 4. Microeconomics Microeconomics is the part of economic analysis that studies decision making undertaken by individuals (or Households) and by firms. It is like looking through a microscope to focus on the small parts of our economy. 5. Macroeconomics Macroeconomics is the part of the economic analysis that studies the behavior of the economy as a whole. It
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the quantity supplied rises; as price falls, the quantity supplied falls.”(McConnell-Brue, 2004, p. 45) | Microeconomics is the process of looking at the details or very small segments of the economy.Ex: analyzing the price of a specific product or service, the number of lawyers working at a single firm, or the income of a certain household | In my department, a good example of microeconomics would be the revenue generated for the company by a specific department, Financial Services. Our assertive
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Macroeconomics (from Greek prefix "macr(o)-" meaning "large" + "economics") is a branch of economics dealing with the performance, structure, behavior, and decision-making of the entire economy. This includes a national, regional, or global economy.[1][2] With microeconomics, macroeconomics is one of the two most general fields in economics. Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists
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30 | Total Correct | 15 | Start: | 5/29/2013 12:48:13 PM | End: | 5/29/2013 1:11:00 PM | Here is some additional information on items you missed: Topic: Differentiate between macroeconomics and microeconomics. Question: A basic difference between microeconomics and macroeconomics is that microeconomics | Topic: Analyze the effect of changes in supply and demand on the equilibrium price and quantity. Question: The distinction between supply and the quantity supplied is best made by
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