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What is Micro macro economic decision making?
Micro macro economic decision making is about allocating resources in the short and medium term. It aims to maximize the welfare of all members of society. Macroeconomic decisions are the aggregate or central planning decisions. Such decisions could be made by a centralized government or a state. The macro decisions aim to optimize aggregate welfare for all people. Micro decisions are made by individuals, the small decisions that help to determine the overall welfare of all. These small decisions are usually made in order to maximize individual income or welfare. This process is called Microeconomic Decision Making (MEM).
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