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In microeconomics, we get to understand the various activities by the various players in an economy. It concentrates in analyzing how parties spend on various resources. It also takes into consideration the driving forces in making any decision towards utilization of the resources with the aim to satisfy human wants.
Human wants have different characteristics in their individual unique nature. Difference between microeconomics and macroeconomics Micro economics is about economic situations pertaining to an individual.
Macro economics is more concerned with the whole economy. Microeconomics economics is generally with prices as their main concern. Its important to note that ideals situations in microeconomics may not rhyme with the general economy macroeconomics.
Mean while microeconomics and macroeconomics are relatively interlinked. For micro economics, the ease of supplying goods and services depends on the general investment and activities in the whole economy.
Meanwhile the total performance of macro economics is a subject of the total activities that take place in micro economics Farmer,p. Economic agents are players in economics who make decisions on how much to spend on an item or whether the need needs any attention at all.
Basic concepts on microeconomics and macro economics All goods produced by an economy equals to consumption of the house holds. This is an assumption that nothing produced by the economy is the same with what the households require.
In this article, we discuss the different forms of wants. One obvious thing is that wants will always be present and they will always require attention all times. If you give a mouse a cookie is a literature book purposely addressed to small children.
However it contains immense economic concepts. This book was written Laura Joffe Numeroff A story is told of a boy who was taking some time to rest when an unexpected visitor showed up, a mouse.
The mouse had different wants and needs which mutated as the day progressed. The boy felt companionate about the lone traveler and he generously gave him a cookie.
On receiving the cookie, the mouse developed a new want, he asked the boy to assist him with milk so that he could be comfortable taking the cookie offered to him by the boy. The boy is kind enough and gives the rat some milk. Once it was done taking milk it asked the boy if he could avail a mirror so that it could check if there was any milk mustache.
Once he looked into the mirror he was shocked at the size of his hair.
He needed a shave so he requested the boy to avail pair of scissors. Once the boy trimmed the mouse hair, the house was littered with hair. He needed to look for a broom and clean up the place.
This story is an appropriate background to base our argument on characteristics of microeconomics and macro economics.
We shall be in a position to understand the nature of human wants, what it takes to satisfy them and the various challenges involved. We also get to analyze the various strains that befall the economy as a whole TR Jain,p.
The mouse gave the boy a difficult afternoon with its unlimited wants and needs. Human wants and needs connect to the character of the mouse. People are faced with difficult challenges in making choices between what to prioritize and what leave out among numerous wants and needs that pop out each day.
This paper will connect on this phenomenon in relation to micro economics. Micro economics deals with the relation ship between buyers and sellers. It is also concerned with the factors that affect it. Macro economics on the other hand IS concerned with the brooder national economy.
First of all wants and needs can not be satisfied. Once a need has been addressed, it seems satisfied for that moment. After some times it represents itself again and require attention one more time.Prep Center for AP* Exams We want to help you succeed on your AP exams.
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1. Know the format of the AP Microeconomics exam. You will have 2 hours and 10 minutes to answer 60 multiple-choice questions and 3 free-response questions.
The minute multiple-choice section is worth 66% of your total exam score, while the minute free-response section is worth 33% of your total exam score.
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Explore timing and format for the AP Microeconomics Exam, and review sample questions, scoring guidelines, and sample student responses. Explore timing and format for the AP English Language and Composition Exam, and review sample questions, scoring guidelines, and sample student responses.
Practice questions in Albert's AP® Microeconomics and review how individuals and firms make decisions in various situations of economic pressures. Practice questions in Albert's AP® Microeconomics and review how individuals and firms make decisions in various situations of economic pressures.