Mba502: Assignment 8.2

The three concepts that I learned about in this course were microeconomics, mesoeconomics, and macroeconomics. Therefore, I will discuss these three concepts. I will briefly describe which of these are of greatest relevance to my studies and career. Also, I will discuss which topics I would mention as worthy of extra investment in time and effort. Microeconomics is the study of economics that focuses on the individual consumer and producer in a market economy. An example is that for Assignment 5.2, I discussed General Motors and Microeconomic Failure and How Productivity (As Far As Output per Unit of Time) has Changed in the Economy Recently. In my Assignment I discussed how General Motors had a loss of more than $20 billion and how technological progress and product development has really reduced the costs of transportation internationally (for both commercial freight and passengers). This has caused a dramatic growth in international trade and international travel. I also discussed how today, robots are altering how we move materials. A robot can work all day, if it is programmed correctly. Therefore, many companies are looking towards automation. Since labor really affects a company’s bottom-line figures, automation is very important for certain tasks. Robots can reduce cost, while at the same time help the company run efficiently.
Mesoeconomics fills the gap between macro and micro. Mesoeconomics was formed to possibly heal the opening between macro and micro. Mesoeconomics was also formed to improve the reality of economic theory, how relevant economics teachings are, and being able to apply the policy prescriptions. An example is that for Assignment 3.2, I chose intra-governmental dynamics and intra-familial/household dynamics. Intra-governmental dynamics showed how the government stimulated the economy. Intra-familial/household dynamics showed how information cascades (word-of-mouth advertising) promote the Circular Flow of the economy.
Macroeconomics is the study of economics that focuses on the whole economy activity. An example is that for Assignment 1.2 I researched the Gross Domestic Product. In my research I found that the Gross Domestic Product (GDP) went up by 1.5 percent in the second quarter of 2012. However, the GDP went up by 2.0 percent in the first quarter of 2012.
Mesoeconomics is of greatest relevance to my studies and career, because we focus on word-of-mouth advertising in order to give consumers what they demand.
I personally believe that mesoeconomics is the most important topic, because mesoeconomics focuses on word-of-mouth advertising. Word-of-Mouth Advertising is very important for everyone today. Word-of-Mouth Advertising helps companies be more innovative. Therefore, providing consumers with what they want the most.

References
Elliott, J. E. (1990). The market economy: From micro to mesoeconomics./The global economy: From meso to macroeconomics. Journal Of Economic Literature, 28(1), 66-68.

References: Elliott, J. E. (1990). The market economy: From micro to mesoeconomics./The global economy: From meso to macroeconomics. Journal Of Economic Literature, 28(1), 66-68.