Assignment 2: Microeconomics and Macroeconomics by Dhvani Bhavsar https://padlet.com/dhvani_fairytail/6gm3v46dpmhs en-us 2019-12-02 20:11:45 UTC 2025-11-19 03:01:47 UTC hello@padlet.com https://padlet.net/icons/png/1f4b0.png Welcome to Microeconomics and Macroeconomics dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/418728449 Microeconomics and Macroeconomics is the difference between what type of economics is being studied.
 
Microeconomics in specific is "the dealing with economy in smaller units", it's the study of economical behavior within households, firms and their interaction for goods and services. 
Macroeconomics is the study of the total economy for example inflation, business cycles, unemployment and economic growth. 

This padlet will help you understand the more in depth of why we need microeconomics and macroeconomics.



]]> 2019-12-02 20:14:03 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/418728449 Reflective Questions dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/418878464  1. What did you learn about your topic that surprised you the most?

The one thing that really was surprising for all of us was learning about the economy in 2014. This was a surprise because of how the Canadian dollar depreciated in the macro economy during Q1 but came back up during Q2. Macroeconomics is a very vague term, it references the economy in a total. Therefore having a website specifically about the developments of Canadian economics was surprising and a very nice idea to have.


2. Provide a real-life example of how this topic is relevant or interesting for you.

Since this is a really broad topic, we would say that a real-life example of micro versus macroeconomics would be how we watch the news now. When CP24 reports on unemployment, or GDP, or interest rates, or the fluctuation of the price of gas, we now understand the large-scale and small-scale factors that affect these things.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The most important thing to pass on would be that when the Bank of Canada raises its interest rate, check to see if the commercial banks adjust their interests rates as well. If they don't, then getting a loan wont cost as much. If they do, put money in a savings account, as the bank will pay higher interest to use the money.]]> 2019-12-03 04:53:09 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/418878464 Website #1 dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419380400 Investopedia's website takes on a overview of Macroeconomics vs Microeconomics, briefly mentioning how the two may be different but are completely interdependent on each other. It then goes on to mention the two as their individual descriptions, explaining how Microeconomics ties in to Demand, Supply and Equilibrium, Production Theory, Cost of Production, and Labor Economics. The unique part of the website explains how investors are within Macroeconomics and Microeconomics. 

The reason we chose this website is because the website talks about how Microeconomics vs Macroeconomics are used for investors. The most interesting piece of information we had gotten was how much microeconomics will affect a individual investment proposal. The website mentions that
"There may be some disagreement between fundamental (particularly value) and technical investors about the proper role of economic analysis, but it is more likely that microeconomics will affect an individual investment proposal." (Investopedia Staff, 2019).

This quote makes us want to read more into how investors are affected by how they think of microeconomics and macroeconomics. 
]]> 2019-12-03 23:13:04 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419380400 Website #2 dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419384032 Lumen briefly mentions the Micro vs Macro, they explain that taking in both perspectives can really help understand why microeconomics and macroeconomics are so important in the economy. As well as how it can relate similarly to other scenarios. In one paragraph they discuss how the well being of the micro economy is dependent on the well being of the macro economy. They state that when it comes to studying individual households or firms, there are factors that compare to that of a macro economy and how the macro economy is working in total. 

We believed Lumen was a good choice as a website to go through is because they go into detail about the goals of microeconomics and macroeconomics, It is intended to help the reader understand that there is a certain type of macro economy and micro economy that is trying to be achieved. They explain for example, that the goals of the macro economy aims to achieve Growth in the standard of living, low unemployment and low inflation. These are only some of the goals that they briefly describe.  ]]> 2019-12-03 23:27:50 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419384032 Website #3 dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419391306 The government of Canada's take on Microeconomics briefly delivers on talking about how market and firm factors affect the micro economy. It describes how specifically the SPS (Strategic Policy Sector) is the part of the government that notes on the micro economy, including the productivity, firms, and business innovation.  

We chose this website because it had a specific information regarding the Canadian's way of dealing with the micro economy and the department that takes notes from these specific details apart of our economy. The most interesting thing we found was about the SPS (Strategic Policy Sector) and how they organize workshops, conferences etc. in order to record information on the micro economy at the moment. ]]> 2019-12-03 23:58:11 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419391306 Video #1 iamlinkdeas https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419402290 In this video, Alanis's business Academy not only goes in to microeconomics and macroeconomics but has a small diagram to understand concepts. Alanis talks about the people and the behavior. With macroeconomics he discusses Aggregation and how the behavioral factor of people in aggregation works, such as inflation, National unemployment and GDP. The video then moves on to him explaining microeconomics and the smaller part of that develops through people's behavior. For example, as student's allocation of study time and a family's choice to purchase a new vehicle. 

The reason we chose this video is because of how specific the examples were that he had given about microeconomics and macroeconomics. He talks about people's behavior within macro and microeconomics and how many different components or situations of these behaviors can affect the economy as a whole. The one thing we found very interesting was that something as small as the choosing study times can affect a micro economy and how it functions. ]]> 2019-12-04 00:36:38 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419402290 Website #4 dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419408114 This is Stats Canada's archived information on the recent macroeconomic development. This was a very useful website that allows for readers to keep up with how the macroeconomic economy is developing and affecting the microeconomics in Canada. It shows the organization and major key developments that is categorized within a bar graph, with other factors such as GDP and annual growth rate. 

We chose this website because although there wasn't a lot of very specific mentions with an up to date bar graph allowing us to see how much the macro-economy is affecting Canada in general. The one thing that really caught our attention was the brief summary of the macro economy's development throughout 2014 for example explaining that the Real GDP accelerated within a broad base and the exchange rate movements. ]]> 2019-12-04 00:57:47 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419408114 Video #2 iamlinkdeas https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419410276 Starting off with a very funky intro music, this video starts by first explain the basics of micro and macroeconomics with pictures as he explains. The video, albeit short at 2 minutes, has interesting information all put in to different examples and scenarios. For example, he brings up the scenario of the price of gasoline and how the price of gas rising affects a lot of people, considering a lot of people use gas, but goes on to mention that gas is just one service or good, therefore making it a microeconomics factor!

We chose this video because despite it being a short video, it allows someone who has never read about economics to be introduced in to micro and macroeconomics while having small questions asked to them. The reason we really enjoyed this video (other then the really nice intro music), was because the presenter explains micro and macroeconomics with pictures as well as scenarios. Although, we had learned about the basics of micro and macroeconomics already, we found that we were able to be engaged in learning about choosing whether a scenario is a microeconomic factor or a macroeconomic factor. ]]> 2019-12-04 01:05:43 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419410276 Video #3 iamlinkdeas https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419422019 Like any good introduction to a topic, the first point in this video is the history of how macroeconomics came to be. The video also used Greece as an example of how macroeconomics was used to determine that the country was heading into a recession in 2013. It describes the 3 measurements of an economy: GDP, unemployment, and inflation. While explaining unemployment, the speaker points out that unemployment can never be 0%, which makes sense, but I never realized that it was impossible. The conclusion of the video uses the analogy of driving a car on the highway as the performance of an economy. 

We chose this video because it breaks down and explains the 3 factors of how an economy is measured. It explains how economists learned to study the production and cash flow of an entire nation to calculate how well a country is doing economically. One thing we found useful that we didn’t know was when microeconomics started to be studied, which occurred during the Great Depression.]]> 2019-12-04 01:47:28 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419422019 Video #4 iamlinkdeas https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419440412 This video explains the "Big Mac Index" a fictional relationship of the value of a Big Mac per country across the planet. Mainly, that a Big Mac from McDonald’s has a different cost in different countries because of certain economic factors. McDonald's sets the cost of Big Macs according to the cost of labour, rent, ingredients of a country’s economy, as well as the local income level of the consumers.
The video then talks about purchasing power to show that certain currencies can buy Big Mac for more or for cheaper. Then the video talks about how Venezuela has the lowest cost Big Mac because of currency devaluation and high inflation, an example of macroeconomics affecting microeconomics.
Also explains how many minutes an average person must work in certain cities in order to afford a Big Mac.
Lastly, the video explains how even though the cost of ingredients doesn’t really change, the cost of making a Big Mac is dependent on the labour cost of the working and the cost of the retail space.

While this video isn’t explicitly about micro vs. macro, since the term “macro” can mean large or big, we feel it is worth sharing. One thing we learned that we didn't previously know was that Venezuela had the lowest cost Big Mac in the world.
]]> 2019-12-04 03:04:04 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419440412 Image #1 dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419457907 2019-12-04 04:34:38 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419457907 Image #2 dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419457987 2019-12-04 04:35:13 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419457987 Names + Student #'s dhvani_fairytail https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419458514 Dhvani Bhavsar - 100705803
Spencer Norris - 100615643
Jeremy Costello - 100709400]]> 2019-12-04 04:38:57 UTC https://padlet.com/dhvani_fairytail/6gm3v46dpmhs/wish/419458514