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critical thinking wiki Seneca College

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. Coursewor Lyceum Alpinum Zuoz. 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 coursewor lyceum alpinum zuoz the whole economy. Meanwhile the critical thinking wiki Seneca College, total performance of macro economics is a subject of the total activities that take place in micro economics (Farmer, 1999, p. 200). 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 critical thinking wiki Seneca College, 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. critical thinking wiki Seneca College. Once he looked into the mirror he was shocked at the critical thinking wiki Seneca College, 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. critical thinking wiki Seneca College. He needed to look for a broom and critical thinking web the university of adelaide (navitas), 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. critical thinking wiki Seneca College. We also get to analyze the various strains that befall the economy as a whole (TR Jain, 2010, p. critical thinking wiki Seneca College. 67). 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. critical thinking wiki Seneca College. 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. critical thinking wiki Seneca College. 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. critical thinking wiki Seneca College. The mouse sows the need to have milk at his disposal once he was served with a cookie. A need or a want may require another different want to be satisfied. critical thinking wiki Seneca College. The later is a subject of fulfilling a need. For example a person who buys a car will need to buy gas also else they may not satisfy their need to drive car. Wants vary with situations and time. Mouse needs changed with situations like when he saw a mirror he immediately wanted to have a shave. Taking the boy to symbolize the economy, one will realize the obvious strain posed. First of all the boy has to keep on attending to critical thinking wiki Seneca College the demands of the mouse. Most likely it’s not his resources he uses to satisfy the critical thinking wiki Seneca College, mouse endless demands. Some times the critical thinking wiki Seneca College, economy is strained in delivering services with regard to numerous high demands; it may also not be in critical thinking wiki Seneca College a position to serve all needs at its disposal. The econ9omy must also be in a position to offer required services once they arise this are depicted in the boys character. He was always ready to attend to importance of introduction in essay writing trinity college school the mouse demands. The boy’s actions are however outrageous this is because in micro economics and macro economics, exchange of both services and goods take place. The boy was only providing to the mouse which in return offers nothing in return. If households in an economy do not provide services to the economy, the economy must also not attend to critical thinking wiki Seneca College its requirements since it would be equally impossible to importance of introduction in essay writing trinity college school sustain the critical thinking wiki Seneca College, economy. The boy is critical thinking wiki Seneca College, not doing a single thing to critical thinking web the university of adelaide (navitas) help in provision of goods. If the boy exhausted all he had trying to serve the mouse, he would then end up with nothing for himself to spend leave alone the mouse (Weintraub, 1979, p. 200). Use of resources is crucial in an economy. Resources are supposed to be used apropriatly and when need arises. In order to critical thinking web the university of adelaide (navitas) make good use of resources it is important to carryout training to academic essay writing service montverde academy the general population. It would not be wrong to critical thinking web the university of adelaide (navitas) assume that the critical thinking wiki Seneca College, boy had little if any knowledge on how to spend the little resources at critical thinking wiki Seneca College his disposal. It is also important for the general public to know when to spend on a particular want or when not to spend. Economic developments can only be achieved if resources are used appropriately and the best is made out of scholarship essay writing help university of utah, them (Farmer, 1999, p. 160). In macro economics, we also learn the various implications of critical thinking wiki Seneca College, house holds behavior to the whole economy. If the economy is strained by the various wants it may end up becoming un able to provide to the house holds. critical thinking wiki Seneca College. Resources must be availed to enable the economy support the households. critical thinking wiki Seneca College. The boy was serving the mouse consistently yet there was no replacement of the critical thinking wiki Seneca College, goods he gave out. It implies that he could have got himself into critical thinking wiki Seneca College, a position where he could no longer have something to academic essay writing service montverde academy offer the mouse. Academic essay writing service Montverde Academy. In fact the boys actions can be regarded an abuse of the economy (Weintraub, 1979, p. 200). Amitava Krishna Dutt, J. R. (2003). Development Economics and Structuralist Macroeconomics. Cheltenham: Edward Elgar Publishing. Farmer, R. E. critical thinking wiki Seneca College. (1999). The Macroeconomics of Self-fulfilling Prophecies. Cambridge: MIT Press. TR Jain, V. O. (2010). critical thinking wiki Seneca College. Introductory Microeconomics and Macroeconomics. New Delhi: FK Publications. Weintraub, E. R. (1979). Microfoundations. São Paulo: Cambridge University Press.