Microeconomics To Business: A Comparative Analysis
What is the difference between micro and macroeconomics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one.
Looking at Microeconomics and macroeconomics are terms which people get confused with,the reason may be due to misuse or misunderstanding of their meanings.
Microeconomics focuses on economics at an individual, group or company level (Gibson, 2014). Microeconomics mainly deals with individual’s actions on economy. The individuals can be households, families, workers or businesses. It looks at how these individuals’ actions affect the economy. Studying demand or supply of a certain product is an example of microeconomics. Products are mainly produced by companies or individuals, so when we are studying
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Hoekstra in 2014 and is titled Water Scarcity Challenges to Business. The article described how water scarcity is affecting the business world.
According to Hoekstra, (2014), water decline has risen due to growth in population, economy, and demand for animal production, biofuels and climate change. These agents have led to scarcity of fresh water ranging from groundwater, river flows and lakes. Efforts to treat the water are not materializing due to intermittent supplies and conflicts over water.
According to Hoekstra, (2014), water scarcity is putting companies at a risk, which is affecting company operations and supply chains. For example, if people are aware or suspect that a company is contributing to water pollution or contribute to unsustainable water use, may choose not to go for the company’s bands which may affect the company’s sales which may later affect the company’s economy. Therefore, the article asked companies to consider sustainable use of water to avoid damaging their reputation. The article further asked governments to take necessary steps in water conservation and sustainability in order to maintain their
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(2014, 05 19). The Difference Between Micro and Macro Economics. Udemy, Inc. Retrieved from https://blog.udemy.com/difference-between-micro-and-macro-economics/
University, R. (2016). Principles of Economics. OpenStax. Retrieved from https://my.uopeople.edu/pluginfile.php/180347/mod_resource/content/1/TEXT%20principles-of-economics-11.326.pdf
(Hoekstra, 2014). Water Scarcity Challenges to Business. Science American, a division of nature America Inc. Retrieved from
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