00:01
Okay, so we're going to be looking at the key difference or the key differences between microeconomics and macro.
00:12
Given the following information, actually there's three statements that are given and would want to relate to them to find out whether that action would be classified under macroeconomics or microeconomic.
00:30
Economists.
00:32
But primarily the difference between micro and macro stems from the fact that micro with an eye, microeconomics basically looks at individual entities.
00:44
So the decisions that are made by individual households, individual businesses, individual government enterprises, individual, you know, government enterprises, individual, you can also have individual foreign businesses.
01:03
Okay, so that's basically the individual entities within the economy.
01:08
But when it's macroeconomics, there's actually decisions that are made that affect the whole economy, the whole economy.
01:18
Okay, so looking at that, now we are basically going to look at the statements that are given with that background.
01:26
What is the effect of government? regulation, but now the government regulation is on the monopolist decision.
01:47
Okay, so that is going to be important to underline the decision of the monopolist.
01:57
And the effect of an increase in money supply, so the effect of increase in money supply on the of inflation, on rate of inflation.
02:15
And we then look at the third statement that is given the government's decision on how to spend on public projects, government decision on public projects...