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en:microeconomics-definition [2018/09/13 14:18] federico [Microeconomics Definition] |
en:microeconomics-definition [2018/09/13 14:19] federico [Microeconomics vs Macroeconomics] |
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| A primary difference between macroeconomics and microeconomics is that while microeconomics focuses on units like individuals and families, Macroeconomics, instead, studies the behavior of economic aggregates, like GDP the GPD and Inflation. | A primary difference between macroeconomics and microeconomics is that while microeconomics focuses on units like individuals and families, Macroeconomics, instead, studies the behavior of economic aggregates, like GDP the GPD and Inflation. | ||
| - | Macroeconomic models can use microeconomic variables or submodels, because some macroeconomic variables can be modeled using the behavior of microeconomic variables. For example, the aggregate consumption can be modeled using an aggregation of an individual consumption function that represents the average consumer. | + | Macroeconomic models can use [[en:microeconomic-variables|microeconomic variables]] or submodels, because some macroeconomic variables can be modeled using the behavior of microeconomic variables. For example, the aggregate consumption can be modeled using an aggregation of an individual consumption function that represents the average consumer. |
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| Big corporations like Google hire microeconomists to work on several fields. For example: | Big corporations like Google hire microeconomists to work on several fields. For example: | ||
| - | - Setting the optimal workflow for auctions. | + | * Setting the optimal workflow for auctions. |
| - | - Forecasting consumer behavior. | + | * Forecasting consumer behavior. |
| - | - Ad effectiveness. | + | * Ad effectiveness. |
| - | - Industrial organization: microeconomists can provide analysis on patents policy, antitrust, innovation policy, etc. | + | * Industrial organization: microeconomists can provide analysis on patents policy, antitrust, innovation policy, etc. |
| [[microeconomic variables]] | [[microeconomic variables]] | ||