1. 250 word post that describes what you think is the difference between Macro and Micro economics. I am looking for depth and information on supply (business) and demand (consumer demand) and overall aggregate economy challenges.
2. 250 word post on WALMART in regards to the Law of Supply. Please write about WALMART and how it is surviving nicely during the pandemic. Why do you think this is so? Is it their balance sheet or demand?
3. 250 word post on the Law of Demand. As the price goes up the demand for an item goes down. Please use a specific example of a product where demand is elastic and where demand may have become inelastic as a result of COVID-19.
Answer previewMacroeconomics means the study of the economy on a massive scale, and its focus is mainly on regional, global, and national dimensions of economics. The purpose of macroeconomics is to maximize national income for national growth. Microeconomics refers to the study of decisions that businesses and people make on allocating resources and fixing the price of goods. Ideally, microeconomics deals with the supply of goods that consequently influences the price of the products (Felardo, 2016). The critical factors in microeconomics are labor economics, supply, demand, and costs of production. A key aspect of microeconomics is the focus on demand and supply in specific markets. Demand is the capability and willingness of a consumer to pay for a service. The demand for goods is affected by things like the presence of substitutes, preferences, income, and the presence of complements. Supply refers to the willingness of producers to take their goods to the market. Changes in supply are due to changes in technology, the introduction of taxes, and an increase in production costs. Microeconomic analysis of markets indicates that high demand leads to high prices and hence high quantities.897words
