Explain the interdependence of micro and macro economics with the help of life examples.
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Basis of economic laws:-Micro economics acts as a basis macro economics because macro is an aggregate of individual units. The success and accuracy of aggregates depends on the individual units. Similarly,macro theories are used by micro economists.
Macroeconomics is the study of the economy as a whole. Microeconomics is the study of the individual firm and the effects of individual decisions. Unemployment, interest rates, inflation, GDP, all fall into macroeconomics.
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Basis of economic laws:-Micro economics acts as a basis macro economics because macro is an aggregate of individual units. The success and accuracy of aggregates depends on the individual units. Similarly,macro theories are used by micro economists.
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