MICRO AND MACRO ECONOMICS

A specialized course under Business

About the Course – Micro and Macro Economics

Economics is divided into two distinct categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, whilst macroeconomics is concerned with the decisions of international locations and governments.

While these two branches of economics appear to be different, they are rather interdependent and complement one another.

 KEY DIFFERENCES

  • Microeconomics research people and commercial enterprise decisions, whilst macroeconomics analyzes the choices made by countries and governments.
  • Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
  • Macroeconomics takes a top-down strategy and looks at the economic system as a whole, attempting to determine its direction and nature.
  • Investors can use microeconomics in their funding decisions, while macroeconomics is an analytical device on the whole used to craft financial and fiscal policy.

 Microeconomics studies the decisions made by people and agencies related to the allocation of assets and expenses of items and services. It also takes into account taxes, regulations, and authorities legislation.

Microeconomics focuses on supply and demand and other forces that decide the price levels in the economy. It takes what is referred to as a bottom-up approach to examining the economy. In other words, microeconomics tries to apprehend human choices, decisions, and the allocation of resources.

 Macroeconomics, on the other hand, studies the behavior of a country and how its policies affect the financial system as a whole. It analyzes entire industries and economies, rather than people or particular companies, which is why it’s a top-down approach. It tries to answer questions like “What ought to the fee of inflation be?” or “What stimulates financial growth?” Macroeconomics focuses on aggregates and econometric correlations, which is why it is used by governments and their businesses to assemble economic and fiscal policy.

 

Career Prospect

An economics degree will raise your employability in many areas, regardless of the enterprise you work in. There is sturdy demand for fantastically numerate graduates throughout the international labor market, and the widely transferable analytical and problem-solving competencies developed by economics students imply that careers in economics are extraordinarily wide-ranging and diverse. Possible employers consist of local and national government, public and non-public banks, insurance companies, think-tanks, massive multinational companies, monetary consultancies, accountancy firms, and local authorities. 

Career Opportunity

Jobs directly related to your degree include:

  • Actuarial analyst
  • Chartered accountant
  • Compliance officer
  • Data analyst
  • Economist
  • External auditor
  • Financial risk analyst
  • Investment analyst
  • Political risk analyst
  • Risk manager
  • Statistician
  • Stockbroker

Jobs where your degree would be useful include:

  • Business development manager
  • Civil Service fast streamer
  • Data scientist
  • Diplomatic service officer
  • Local government officer
  • Management consultant
  • Policy officer
  • Quantity surveyor

Employment Opportunity

What you make of your degree in Economics can additionally be influenced by the university and country where you decide to study. By analyzing Economics, you will better apprehend the world around you and it will inevitably teach you how to make essential choices in life, from what career you ought to choose, to where you ought to make investments your money. Now, let’s take a closer look at some of the nice economics jobs and the average salaries.

  1. Financial Risk Analyst – 61,800 USD/year
  2. Auditor – 56,690 USD/year
  3. Economic Consultant – 57,480 USD/year
  4. Financial Manager – 61,950 USD/year
  5. Actuarial Analyst – 67,950 USD/year

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