It is time to assess your proficiency on course learning outcome #1: Differentiate between microeconomics and macroeconomics.
Briefly stated, microeconomics is about individual decision makers, whereas macroeconomics is about the aggregate effect of all decision makers. However, this simple distinction does not adequately describe how macroeconomics differs from microeconomics. For this assignment you need to identify and describe three differences between macroeconomics and microeconomics.
For each of the three examples, give one of the following to help illustrate the difference between microeconomics and macroeconomics:
- the type of question that an economist might ask in macroeconomics as opposed to microeconomics
- the data that might be collected by a macroeconomist
- the type of decision that must be made at a macroeconomic level