Microeconomics is a branch of economics which studies the economic behaviour in individual terms. That means microeconomics considered the demand and supply of individual consumer and producer. However, Macroeconomics is another branch of economics, which studies comic behaviour as a whole. That means which consider the total demand and supply of economy which means the demand and supply of all consumers and producers exist in the economy.
Factors affecting the microeconomic demand and supply are income of the consumer, taste and preferences of the product, substitute and complementary good and so on. However, in the case of macroeconomic demand and supply which is different. The aggregate demand is determined by real balances, inflation, net export, interest rate. In the case of aggregate supply input price fluctuations, inflation and production capacities of the industries.
Opportunity cost means the next best alternative tofforgotext microeconomics opportunity cost is the next best choice of an individual or a firm. But in the acro context, the opportunity cost is the next best alternative of societal choice or a whole economy.
Here in the gasoline case one buyer of gasoline for his personal or a single firms usage then that cost he spends that money on biodiesel how much he feels or earns better that is the opportunity cost That is the the the the micro level of opportunity cost. However, in terms of macro-level, the opportunity cost of gasoline is if the country avoiding gasoline, introduce the biodiesel then how much economy boost by the decision that means reducing pollution, cost. Whatever it feels or earn the economy from the decision is macroeconomic opportunity cost.
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