Micro to Macro Case Studies Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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In a case study, what is a micro change (microeconomic)?

A change in one market, one firm, or one household.

What is a macro change (macroeconomic)?

A change in the whole economy, like inflation, jobs, growth, or trade.

What does “micro to macro” mean in a case study?

Start with a small market change and trace how it affects the whole economy.

What are the steps to link a micro event to macro effects?

1) Spot the micro event. 2) Decide if it changes costs or demand. 3) Work out price and output in that market. 4) Link to inflation, jobs, growth, or trade.

How can a rise in world oil prices move from micro to macro?

Firms face higher fuel costs. Many raise prices. Inflation can rise and growth can slow.

How can a big factory closure affect the macro economy?

Local jobs and spending fall. Unemployment can rise, and national growth can dip if it is large enough.

How can new cheap technology in a key industry affect the macro economy?

Firms can make more at lower cost. Prices may fall, output rises, and growth can speed up.

Who are the main groups to check in micro to macro cases?

Consumers, workers, firms, government, and overseas buyers and sellers.

Which macro indicators should you look for in a case study?

Inflation (CPI), unemployment, economic growth (GDP), and the trade balance.

What is the difference between short-run and long-run effects in a case study?

Short run: quick changes in prices or jobs. Long run: changes from investment, new skills, or new firms.

How do you tell if the macro link is through demand or through costs?

If spending changes, it is demand. If production costs change, it is costs (supply).

What kind of evidence should you quote to back a micro to macro link?

Use data on prices, output, jobs, wages, GDP growth, or trade, with figures if given.

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