Question

define microeconomics and macroeconomics​

Answer 1

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Microeconomics:

It is that branch of economics which studies economic problems relating to individual economic units like a consumer or a producer.

Macroeconomics:

It is that branch of economics which studies economic problems relating to economy as a whole.

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Answer 2

Explanation:

According to Boulding, ' micro economics is the study of particular firm, particular households, individual prices, wages, incomes, individual industries, particular commodities. '

According to Boulding, ' Macroeconomics deals not with individual quantities as such, but with the aggregates of these quantities, not with the individual incomes but with the national income, not with the individual prices but with the price level, not with the individual output but with the national output'.

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