Question

Define microeconomics and macroeconomics.

Answer 1

MACRO
The branch of economics that studies the behavior of the whole economy, (both national and international) is known as Macroeconomics.
MICRO
The branch of economics that studies the behavior of an individual consumer, firm, family is known as Microeconomics.

Answer 2

Answer:

Microeconomics and Macroeconomics.

Microeconomics deals with economic issues or economic problems related to microeconomic units like a household, a firm or an industry. These issues and problems are studied and addressed largely with a view to maximising individual welfare. Macroeconomics deals with economic issues or economic problems at the level of economy as a whole. These issues or problems are studied and addressed keeping in mind the goals of social welfare or collective welfare.