Question

Distinguish between microeconomics and macroeconomics 1

Answer 1

The difference between micro and macro economics is simple. Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole. Microeconomicsfocuses on issues that affect individuals and companies.

Answer 2

Microeconomics :-

♥ Microeconomics is a part of economic theory which studies the behaviour of individual units of an economy .

♥ It's also known as ' Price theory ' .

♥ Demand and supply are the tools .

♥ It aims to determine the price of a commodity or the factors of production .

♥ E.g - Individual income and individual output .

Macroeconomics :-

♥ Macroeconomics is a part of economic theory which studies the behaviour of aggregates of the economy as a whole .

♥ It's also known as ' Income & Employment theory ' .

♥ Aggregate deman and aggregate supply are the tools .

♥ It aims to determine income and employment level of the economy .

♥ E.g - National income and national output .