What are the subject of microeconomics and macroeconomics?
Answers
Microeconomics and macroeconomics both are considered the pillars of economics study.
Microeconomics is the study of economics at an individual, group or company level. It looks at issues such as consumer behavior, individual labor markets, and the theory of firms.
Microeconomics is concerned with the Supply and demand in individual markets , Individual consumer behavior, Individual labor markets – e.g. demand for labor, wage determination , Externalities arising from production and consumption.
Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.
Macroeconomics talks about Monetary / fiscal policy, inflation and unemployment, Economic growth , International trade and globalization , living standards and economic growth between countries, Government borrowing etc.
Microeconomics is a part of economic theory which studies the behaviour of individual units of an economy .
Macroeconomics is a part of economic theory which studies the behaviour of the aggregates of the economy .