Macro Economics

1 ) Explain the difference between little and Micro sparingals deals with the manner of individual(a) elements in an economy - such as the excogitation of the toll of a single product or the doings of a single consumer or business firm . The intrinsic general concern of micro political economy is the efficient tryst of scarce resources between alternate uses but more specifically it involves the determination of scathe by intend of the optimizing behavior of economic agents , with consumers maximizing utility and firms maximizing shekels On the different hand , macroeconomics deals with the behavior of the economy br as a whole with respect to output , income , the bell level , distant trade , unemployment , and former(a) aggregate economic variables . It examines the forces that affect many an(prenominal) firms , consumers , and workers at the same time . It contrasts with microeconomics , which studies individual expenses quantities , and trades2 ) Explain the cancel law of invite and lend , surpluses and shortageThe direct switch reach shows the relationship between the bill withdrawed and the harm of a practisedness , other things held constant . Almost all commodities obey the law of downward-sloping demand , which holds that touchstone demanded falls as redeeming(prenominal) s damage rises . On the other hand , the supply rationalise for a trade rock-steady shows the relationship between its market determine and the measure of that good that the producers atomic number 18 willing to produce and swop other things held constantThe supply and demand curves interact to produce an vestibular sense impairment and quantity , or market proportion . The market equilibrium comes at that price and quantity where the forces of supply and demand are in balance . At the eq uilibrium price , the meter that buyers pa! uperization to buy is just equal to the amount that sellers call for to sellWhen the market price is eminenter than the equilibrium price , suppliers would want to sell more than consumers want to buy . The extend is a surplus , or excess of quantity supplied everywhere quantity demanded .

On the other hand , when the market price is all overthrow than the equilibrium price there will be a shortage . There is an excess of quantity demanded all over quantity supplied3 ) What is walkover , inflexible , elastic products /services ? show ExamplesElasticity is a term widely used in economics to denote the respon siveness of one variable to changes in another(prenominal) . therefrom , the elasticity of x with respect to y promoter the dowry change in x for every 1 portion change in y . Price elasticity of demand measures how much quantity demanded of a good changes when its price changes . Goods transfer enormously in their price elasticity , or sensibility to price changes . When the price elasticity of a good is high , we say that the good has elastic demand , which means that its quantity demanded responds greatly to price changes . When the price elasticity of a good is low , it is inelastic and its quantity demanded responds little to price changesThe demand for necessities like food , prescription drugs , and fuel is inelastic . such(prenominal) items are very important and cannot be considerably departed when their prices rise . By...If you want to get a full essay, baffle it on our website: OrderCustomPaper.com

If you w ant to get a full essay, visit our page: write my paper