What is the difference between Macroeconomics & Microeconomics?
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What is the difference between Macroeconomics & Microeconomics?
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05-25-2009, 06:13 AM
I need to take:
Econ 293 Econ 294 I would like to CLEP both. Am confused here, since none of the actual study guides spell it out for me, which is which. Can someone explain this to me? Thanks.
05-25-2009, 12:03 PM
Quoting Wikipedia, "The primary textbook distinction is between microeconomics ("small" economics), which examines the economic behavior of agents (including individuals and firms) and macroeconomics ("big" economics), addressing issues of unemployment, inflation, monetary and fiscal policy for an entire economy." From my macroeconomic class this is a good definition of macroeconomics. Not sure about micro though...
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05-25-2009, 12:07 PM
Micro: Economics of the trees.
Macro: Economics of the forest. If that makes any sense.
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05-25-2009, 12:54 PM
Macro is actually a bit easier. Or at least it was for me.
Macro is the study of everything in the aggregate. You would study central banks, monetary policy, the buying/selling of t-bonds, ramifications of adjusting the Fed fund rate, and foreign exchange. Micro is obviously the study of economics on a smaller scale, which doesn't necessarily mean that it's easier. It relates to how supply/demand can affect the price or output of a product or service in a specific sector or single company. For me, it was very graph intensive. JanusthePhoenix Wrote:Micro: Economics of the trees.That's an elegant summary! Macroeconomics studies the economy as a whole. You'll get into financial markets, governmental controls, and other things that affect the economy on a national scale (or regional or international scale). Covered topics would include things like inflation, unemployment, subsidies and tariffs, money markets, the banking system, and the great Keynesian vs Monetarists debate. Microeconomics studies how decisions made at the individual consumer and business levels. Concepts like market equilibrium and opportunity cost are important at this level. So, macro deals with the effects of lumber tariffs and environmental regulations on clear-cutting (the forest), and micro looks at how consumer demand for housing leads to increased demand and higher prices for plywood (the trees).
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05-25-2009, 02:37 PM
How do I CLEP econ 293 & 294?
Do I take one of the micro or macro flashcards? Or is that not for econ 293 & 294? This is what I am confused on. 
05-25-2009, 03:06 PM
journey21 Wrote:How do I CLEP econ 293 & 294? Which school? There should be list on your school's website or in their handbook/policy book/course catalog that shows which CLEP tests are accepted as equivalents for particular courses. (Not all CLEP tests are accepted at all schools even if they do accept some CLEP tests.)
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05-25-2009, 03:29 PM
NAP Wrote:Which school? Yes, my school accepts clep for econ 293 & 294.
05-25-2009, 03:40 PM
OK, that is a good start.
The IC flashcards are geared toward each of the CLEP tests. I have not taken these exams, so you'll need to check the Specific Exam Feedback forum for more info about any additional resources that might be needed. I hope I am answering your questions.
AS in 2010 and BS in 2013 at Excelsior College - Transcripts and Costs
MS Biostatistics in 2019 at Texas A&M University - Graduate School Sharing Credit-by-Exam* and Help for Veterans Resources Used - 20+ Exams Passed & General GRE Practice Tests - Available for CLEP and DSST * Link posted with permission from forum admin; thank you!
05-25-2009, 04:57 PM
NAP Wrote:OK, that is a good start. Yes, that answers it-however I still need to know which flashcards to use. I will ask on the Specific Exam Feedback Forum-as soon as I get a chance. Thank you very much : ) |
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