Differentiate between micro and macroeconomics.
Answers
The branch of economics that studies the behavior of an individual consumer, firm, family is known as Microeconomics.
Macro
The branch of economics that studies the behavior of the whole economy, (both national and international) is known as Macroeconomics.
The difference between microeconomics and macroeconomics are as follows:
Microeconomics:
1. It studies the problem of the economy at an individual level.
2. It calculates the price and output of an individual firm.
3. The main tools are Demand and Supply
4. It is being studied by keeping all the macro variables constant.
Macroeconomics:
1. It studies the problem of the economy at an economy level as a whole.
2. It calculates the aggregate price and aggregate output of all the firms.
3. The main tools are Aggregate Demand and Aggregate Supply
4. It is being studied by keeping all the micro variables constant.
Learn more about Microeconomics and Macroeconomics:
Question: What is microeconomics and macroeconomic ?
Answer: https://brainly.in/question/6437577
Question: Microeconomics and macroeconomics are not dependent on each other explain
Answer: https://brainly.in/question/5351725