Video TranscriptSo economics, so i want to walk through each of these 4 things and try to explain why they're microormacterel, the easiest ones are b and c right savings and the effective savings on the national income. The national income is the number 1 object of mackerel right. When we were talking about mackerel economics, the most mackerel thing we could have is the total income of the country is a whole. Remember, mackerel means big picture. It means markets, variables, statistics, phenomena of the entire economy where microbe refers to small parts of the economy. When we're talking about how much everyone saves and how much that affects our national income, we're talking about the nation, which is the mackerel picture right. The same thing is true for c right c is relating inflation and inflation is someone, that's something that affects everyone which makes it a mackerel thing and then living standards. Living standards are also a mackerel thing right, so both of these affect everyone. So these are mackerel. Subjects they are looking at things that affect the economy as a whole, so d and a are both considering the minimum wage. So it may seem weird that, because, if they're both dealing with the minimum wage, aren't they both mackerel, but the first 1 is minimum wage on the fast food industry and the fourth 1 is minimum wage on unemployment. Do you see how d is more mackerel right on employment? Is everyone the fast food industry is all part of the economy, so b, c and d are primarily focused on issues that affect everyone. A is an issue that affects only a small part of the economy. So a is the micro economic issue. Show Related Economics Q&AFind answers to questions asked by students like you. Q: Describe how Microeconomics evolved since 1930. 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Which of the following areas of study typified macroeconomics as opposed to microeconomics?
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