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.
Needs like food require that a person keeps on satisfying them time after time. Wants are complementary in the sense that one leads to another. The mouse sows the need to have milk at his disposal once he was served with a cookie. Determine the value of B — C. The estimated life is 30 years. Question 5 Unsaved Solar and conventional alternatives are available for providing energy at a remote space research site. The costs associated with each alternative are shown below. The alternatives are listed in order of increasing total equivalent costs.
If these are independent projects, which alternatives must be compared incrementally? What alternative, if any, should be selected? Question 11 5 points. On the basis of these results, you should Question 11 options:. Question 12 Unsaved Identify a basic assumption made specifically about the challenger alternative when a replacement study is performed. Determine the values of P, n, S, and AOC for this defender if a replacement analysis were performed today.
Question 14 Unsaved Halcrow, Inc. Question 15 Unsaved What is meant by the opportunity-cost approach in a replacement study? Question 16 5 points. Question 16 Unsaved Why is it suggested that the cash flow approach not be used when one is performing a replacement study? Question 17 5 points. Question 18 Unsaved In a replacement study conducted last year, it was determined that the defender should be kept for 3 more years. Now, however, it is clear that some of the estimates made last year for this year and next year have changed substantially.
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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 . Database of example economics essays - these essays are the work of our professional essay writers and are free to use to help with your studies.