Examine the differences between the definitions of the macroeconomics and microeconomics.

In this scenario, start your discussion by examining the differences between the definitions of the macroeconomics and microeconomics. Next, discuss how the concepts of supply and demand relate to (1) microeconomics and (2) macroeconomics.

For you to demonstrate understanding of supply and demand from the perspective of microeconomics versus macroeconomics, pick 2 of the 10 scenarios below and discuss the following questions:

• Is the scenario a macroeconomic or microeconomics example of supply and demand?
• Is this impacting supply or demand?
• Is this example going to experience a shift or a movement of supply or demand?
• As a result of this change, what happened to equilibrium price and quantity?

The 10 examples for you to consider are as follows:

1. After Hurricane Katrina, what happened to the price of fish?
2. After the development of the microchip, what happened to the price of computers?
3. After the government raised tariffs on imported cheese, what happened to the price of domestic cheese?
4. Polyester suits have become trendy again. What happens to their price?
5. Internet auction sites are becoming more popular, and people are using them more and more.
6. A new health report came out that said red wine lowers cholesterol.
7. The government raises taxes.
8. Inflation increases.
9. Immigration laws are relaxed.
10. The government increases spending