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In: Operations Management
explain the difference between microeconomics and macroeconomics? what are opportunity cost?
explain the difference between microeconomics and macroeconomics?
what are opportunity cost?
Solutions
Expert Solution
Microeconomics refers to the study where individuals, groups and company are involved. Macroeconomic takes into consideration the nation as a whole.
The difference between microeconomics and macroeconomics are: -
- Microeconomics is the study of economics at individual-level, group-level or organization-level. Macroeconomics is the study of economics at national-level.
- Microeconomics focus on issues that affect individuals and companies whereas macroeconomics focus on issues that affect the nation.
Opportunity cost is nothing but the loss that an individual get from one alternative because other alternative is chosen. So, when an alternative is given up it represents an opportunity cost.
keosha answered 2 years agoRelated Solutions
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