Sports fans are used to seeing game action on television from different camera a

Question

Sports fans are used to seeing game action on television from different camera angles. For popular events such as the Olympics, the World Series, and the Super Bowl, network coverage captures action from ground level as well as from higher locations. At many events, there is a camera located in a blimp that circles above the stadium where the event is held. The aerial view of the blimp's camera is often visually appealing but is never broadcast for very long because the athletes are barely visible. Coverage of the events often includes a view from a mobile or "sideline" camera that can zoom in on individual players or fans sitting in the stands, a degree of detail much greater than that provided by the aerial view. How do the different camera angles help to explain the difference between microeconomics and macroeconomics? Solving the Problem Step 1: Review the chapter material. Step 2: Compare the focus of microeconomics with the television coverage of a sports event. Step 3: Compare the focus of macroeconomics with the television coverage of a sports event. Extra Economics in Your Life: International Trade and Household Income Outsourcing refers to firms producing goods and services outside of their home country. Economists and policymakers have debated the effect of international trade and outsourcing on employment in the United States. Ben Bernanke, chairman of the Federal Reserve Board, has cited a study that examined the effect of international trade on income in the United States since World War II: "...the increase in trade...has boosted U.S. annual incomes on the order of $10,000 per household. The same study found that removing all remaining barriers to trade would raise incomes anywhere from $4,000 to $12,000 per household. Questions: Should the United States eliminate all trade barriers if this increases the risk of some workers losing (bar jobs to outsourcing? What type of job would make you more or less vulnerable to outsourcing?

Explanation / Answer

Q1. To understand the difference between microeconomics and macroeconomics we need to understand the scope of study included in both. Microeconomics as the name goes is basically the study of economics at a very micro level which involves the study of individual, group or company. Whereas macroeconomics means the study of the national economy as a whole like GDP, exports imports etc.

Comparing this difference with the focus of the camera we understand that the aerial view of the camera is better understood as the macroeconomics since it focuses on the whole event whereas in the other case individual players are focused which resembles the microeconomics.

Q2. a. United States should not eliminate all trade barriers since this in the short run would be effective but when seen with a long term future it would be difficult since it would lead to rising unemployment in the country which would not be a good sign and will eventually depreciate the economy in the future. However there has been different views on this since many economists believe that outsourcing is beneficial to any economy as the cost of production of the goods at home country will be more than outsourced.

Q2. B. Now a days the trend is of freelancing so the American companies have been outsourcing many freelancing jobs. These kind of jobs can be outsourced. Even those like BPO etc.

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