Microeconomic concepts Economics is a social science that is concerned with making decisions about how to distribute the available production factors to generate the goods and services that society continually requires. The two great difficulties it faces are: how to distribute the factors of production optimally in conditions of scarcity and how to satisfy economic needs that exceed the productive capacity of society. In short, how societies use their scarce resources (factors of production) to satisfy the unlimited needs of the population. Economic science is subdivided into: Microeconomics, in general terms, is the study of the economic behavior of particular and individual markets in the coordination of the options they choose regarding economic decisions of daily living. Macroeconomics, in general terms, is the study of the general economic behavior of the country; the rise and fall of economic activity in the level of production, employment and income; the analysis of economic fluctuations relative to the short- and long-term growth trend of the country's economy. Instructions: Based on the above, examine the following expression and analyze it in your participation in the forum: Economics is a challenging discipline, but it is also exciting and rewarding. In your analysis you must: Explain, in your own words and with examples, what the difference is between microeconomics and macroeconomics. Compare economic science with other disciplines, such as accounting, marketing and finance, and differentiate them. Describe the uses of economics and how it can explain everyday market situations. Check your homework carefully before completing it.

Answer rating: 100% (QA)

Microeconomics and macroeconomics are two branches of economics that focus on different aspects of the economy 1 Microeconomics Microeconomics is conc... View the full answer