Microeconomics vs. MacroeconomicsEc

Microeconomics vs. Macroeconomics
Economists have two ways of looking at economics and the economy. One is the macro approach, and the other is the micro. Macroeconomics is the study of the economy as s whole: microeconomics is the study of individual consumers and the business firm. Macroeconomics examines questions such as how fast the economy is running; how much overall output is being generated; how much total income. It also seeks solutions to macro economic problems such as how employment can be Increased, and what can be done to increase the output of goods and services. Microeconomics examines cause-and-effect relationships that influence choices of individuals, business firms and society.
It is concerned with things such as scarcity, choice and opportunity costs, and with production and consumption. Principal emphasis is given by microeconomists to the study of prices and their relationship to units in the economy.
Factors Of Production
The resources that go into the creation of goods and services are called the factors of production. The factors of production include natural resources, human resources, capital and entrepreneurship. Each factor of production has a place in economic system, and each has a particular function. People who own or use a factor of production are expecting a “return or reward.” This generates income which, as it is spent, becomes a kind of fuel that drives the economy.
Natural Resources or “land”
Natural resources are the things provided by nature that go into the creation of goods and services.
They include such things as minerals, wildlife and timber resources. Economists also use the term “land” when they speak of natural resources as a factor of production. The price paid for the use of land is called rent. Rent becomes income to the owner of the land.
Human Resources or “labor”
Economists call the physical and mental effort that people put into the creation of goods and services labor. The price paid for the use of labor is called wages. Wages represent income to workers, who own their labor.
Capital
To the economist, physical capital (or "capital” as it is commonly called) is something crested by people to produce other goods and services. A factory, tools and machines are capital resources because they can be used to produce other goods and services. The term “capital is often used by business people to refer to money they can use to buy factories, machinery and other similar productive resources. Payment for the use of someone else’s money, or capital, is called interest.
Entrepreneurship
Closely associated with labor is the concept of entrepreneurship, the managerial or organisational skills needed by most firms to produce goods and services. The entrepreneur brings together the other three factors of production. When they are successful, entrepreneurs earn profits. When they are not successful, they suffer losses. The reward to entrepreneurs for the risks, innovative ideas and efforts that they have put into the business, they obtain the money that remains after the owners of land, labor and capital have received their payments.

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Microeconomics vs. MacroeconomicsEconomists have two ways of looking at economics and the economy. One is the macro approach, and the other is the micro. Macroeconomics is the study of the economy as s whole: microeconomics is the study of individual consumers and the business firm. Macroeconomics examines questions such as how fast the economy is running; how much overall output is being generated; how much total income. It also seeks solutions to macro economic problems such as how employment can be Increased, and what can be done to increase the output of goods and services. Microeconomics examines cause-and-effect relationships that influence choices of individuals, business firms and society.It is concerned with things such as scarcity, choice and opportunity costs, and with production and consumption. Principal emphasis is given by microeconomists to the study of prices and their relationship to units in the economy.Factors Of ProductionThe resources that go into the creation of goods and services are called the factors of production. The factors of production include natural resources, human resources, capital and entrepreneurship. Each factor of production has a place in economic system, and each has a particular function. People who own or use a factor of production are expecting a “return or reward.” This generates income which, as it is spent, becomes a kind of fuel that drives the economy.Природные ресурсы или «земля»Природные ресурсы являются вещи, предоставляемых природой, которые входят в создание товаров и услуг.Они включают такие вещи, как полезные ископаемые, дикой природы и леса ресурсов. Экономисты также используют термин «земля», когда они говорят о природных ресурсов как фактора производства. Цена, заплаченная за использование земли, называется арендной платы. Аренда становится доход владельца земли.Людские ресурсы или «труд»Экономисты называют физических и умственных усилий людей на создание товаров и услуг труда. Цена, заплаченная за использование труда, называется заработная плата. Заработная плата представляют собой доход работников, которые владеют их труда.СтолицаЭкономисту, физического капитала (или «капитал», как это обычно называют) является то, хохлатый людьми для производства других товаров и услуг. Фабрика, инструменты и машины являются капитальные ресурсы, поскольку они могут быть использованы для производства других товаров и услуг. Термин «капитал часто используется деловых людей для ссылки на деньги, которые они могут использовать, чтобы купить заводы, машины и другие аналогичные производственные ресурсы. Оплата за использование чужих денег или капитала, называется интерес.ПредпринимательствоClosely associated with labor is the concept of entrepreneurship, the managerial or organisational skills needed by most firms to produce goods and services. The entrepreneur brings together the other three factors of production. When they are successful, entrepreneurs earn profits. When they are not successful, they suffer losses. The reward to entrepreneurs for the risks, innovative ideas and efforts that they have put into the business, they obtain the money that remains after the owners of land, labor and capital have received their payments.