Question

Differentiate between Micro and Macro economics

Answer 1

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➡The main difference between microeconomics and macroeconomics is scale.

✏Microeconomics studies the behavior of individual households and firms in making decisions on the allocation of limited resources.

✏ While macroeconomists study the economy as a whole, microeconomists are concerned with specific firms or industries

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Answer 2

Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms.

Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.

Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.