Writing economics is not always easy for students. When considering your topic of work in economics, we can always focus on the topic of macro or microeconomics. These are two items that, like amen in pashin, must be elements of every study of economic profile. In the following article, we will characterize these items more closely. We will also draw attention in this text to the practical usefulness of these objects in real life.
Let’s start with microeconomics. This is an area of economics that focuses on the study of human choices in conditions of scarcity (limited) of goods. It particularly takes into account the individual behavior of consumers and companies. The activity of enterprises is examined in the context of a specific market in microeconomics. For example, microeconomics explores how a company operates under conditions of perfect competition, monopoly, oligopoly or duopoly.
The advantage of microeconomics is that the student may become familiar with the basic economic concepts, such as: demand, supply, fixed cost, variable etc. Microeconomics also gives an idea of how consumers behave under the influence of factors such as changes in the price of products , tax increases, subsidies etc. The critics of microeconomics say that it is based on the assumptions that other factors in the economy do not change. Others argue that it is purely theoretical, even abstract.
Now let’s focus on macroeconomics. This is the field of economics, which uses aggregate volumes concerning the entire economy to investigate the dependencies that occur in this economy. Macroeconomics is primarily interested in the creation and division of national income, unemployment, inflation and investments.
Knowledge of macroeconomics combined with knowledge of corporate finance can be the key to success in investing money. This knowledge has greatly helped Georg Soros, who is seen by many experts as the best macroeconomist of our time. Currently, he is one of the richest investors in the world.
Knowledge of both these fields of economics is certainly very useful. Macroeconomics seems more useful, however. Her knowledge may be useful when making specific investment decisions. Microeconomics is also a valuable science, which gives an idea of various decision-making processes in economics.
Writing work in economics certainly requires a proper level of dedication. From the perspective of your master’s or bachelor’s thesis, it is better to choose a subject in the field of macroeconomics, because this field of economics seems to be more practical and richer in the research material. Ultimately, everything depends on our individual preferences.