My name is Kim and I am a Business student residing in Calgary, Alberta. I have been asked to create this blog as part of a Micro Economics course I am taking. Follow along as I share my day to day learnings starting from sqaure one and the definition of Micro. Be sure to share your two 'cents' as well. This is my first Economics course and as I have much to learn I would appreciate any more well seasoned econ/finance students/professionals to share their knowledge and advice on my posts. Thanks!
Metaphorically, the distinction between Macroeconomics and Microeconomics can be described as a comparison between the use of a wide angled lens and a telephoto lens of a camera. In the first instance, we see the big picture. In the second instance, a very small part of that picture appears in much more detail. Macroeconomics is the study of how the major components of an economy interact; it includes the topics of unemployment, inflation, interest rate policy, and the spending and taxation policies of government. Microeconomics is the study of the outcomes of decisions by people and firms through a focus on the supply and demand of goods, the costs of production, and market structures. Make Sense?
Monopolistic Competition
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