Question

give two example of macro economics

Answer 1

A good example of microeconomics is how my grandmother used to prepare food back in my home country. She’d go to the market every day with a set amount of money, and then she’d look around for the prices of different items for that day. Along with the price of the food items she needed to factor in how many people were going to eat, if there was a chance that a family friend would come in unannounced, the likes of the family members (we are picky eaters), and in some occasions even how long would it be between buying the items and cooking them since some products are easily spoiled. The act of optimizing for the best outcome (I’d say in this case the best outcome would be best nutrition and pleasure) by scrutinizing all the factors involved is a direct application of microeconomics.

Answer 2

1)calculation of National Income
2)Determination of equilibrium level of output and employment