Sample Essay

Macroeconomics is a branch of economics which deals with unemployment, rate of inflation, gross national product, balance of payments etc, whereas microeconomics deals with factors like demand and supply of products and services in the market, their scarcity and determination of prices. It will be in place to give an example i.e. if demand of a certain product exceeds its supply in the market the price tends to go up and if the supply goes up compared to the demand the price goes down.

Also relevant here is the economic concept of elasticity i.e. how consumers will respond to a change in the price, if there is a raise in the price will they cut back the purchases a little or drastically. This response of customers is the economic elasticity.

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