The paper "Different Microeconomic and Macroeconomic Aspects to Be Considered by the Manufacturing Company" is a good example of a macro & microeconomics assignment. Microeconomics is a field of study on the decisions that businesses and people make concerning the division and allocation of resources and pricing of goods and services, in individual markets. This includes taking into consideration taxes and other government formulated regulations. In basic terms, microeconomics focuses on the dynamics of supply and demand as well as other forces determining the price levels of goods and services in a given region (Bensako, 2010, p.
21). On the other hand, Macroeconomics is a field in economics that focuses on behavior of the whole economy and not just specific industries or companies. This involves economy-wide issues such as Gross National Product, its effect as well as how it is affected by various changes in national income, price levels, rate of growth and changes in unemployment (Gamber, 2006, p. 17). The two studies of microeconomics and macroeconomics are interdependent and therefore complement each other as there are overlapping issues between the two disciplines. Examples of microeconomic factors to consider include competition, logic, the state of the economy and a variety of variables, unknown factors.
Logic refers to the reduction of microeconomic data into mathematical constructs from which important logical decisions are then made (Ohri, 2003, p. 32). The factor of competition seeks to establish what the competition is doing and the consequent effects on the market. The state of the economy refers to various economic indicators affecting individual markets while variables and unknown factors connote various issues such as customer preference, desires, taste and changing fashions (Ohri, 2003, p. 35). Macroeconomic factors influencing businesses include issues such as economic growth, inflation and interest rates.
Economic growth refers to the changing levels of buying and selling occurring in an economy over a period of time, often affected by factors such as income levels, political activities natural disasters and changing prices of raw materials.
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