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So many components play key roles in shaping the overall economy. Because of this, a better understanding of concepts such as macroeconomics and microeconomics can go a long way toward helping your company achieve its goals. Here is a quick overview of macroeconomics vs. microeconomics that will help you improve your business’s decision-making process.
Macroeconomics is a branch of economics that focuses on larger economic factors and their impact on the overall economy. Because macroeconomic factors such as GDP, inflation, interest rates, employment rates, etc., have a large impact on the economy, businesses and governments use the various macroeconomic trends to help inform their policies and business strategies.
Microeconomics is a branch of economics that focuses on goods and services exchanged and the manner in which buyers, sellers, and business owners respond to the supply and demand of products and resources.
Macroeconomics and microeconomics are related, as the smaller-scale microeconomic data pertaining to individuals and businesses goes on to influence the trends and patterns identified via macroeconomic analysis, as well as the associated business best-practices and strategies.
How Can an ITR Economics EVP™ Help My Business?
ITR Economics’ EVP™ programs help you see the future by analyzing your company’s top macroeconomic and microeconomic leading indicators. A trusted economic research and consulting firm, ITR Economics is more than just a data provider. Our economists and account executives become an extension of your staff, guiding your team through the ups and downs of the economy.
ITR Economics’ business cycle theory, rates-of-change, and leading indicators form the foundation of our services. Contact us today to see how ITR’s methodology can help your business grow.