Microeconomics is considered as a static analysis while macroeconomics focuses on the dynamic components like time lags, rates of change and expected values of variables. Elaborate the relation between both in light of the given statement. Also bring out the problems of interrelation & integration of two approaches.
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Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.Though these two branches of economics appear different, they are actually interdependent and complement one another. Many overlapping issues exist between the two fields.Microeconomics
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services. It considers taxes, regulations, and government legislation.
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