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What is the Difference between Macroeconomics and Microeconomics?

asked by elsewhen (613)

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Tags:  difference  economy

answers

Microeconomics is the study of economics from a more individual point of view (ex: consumers and their spending habits and firms in how they make profits) and how economy affects people in their daily lives. Macroeconomics is economics from a 'big picture' perspective, such as how our country's economy affects the world as a whole, etc.

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posted by hbmarsh (87)
12 votes

Macroeconomics deals with large-scale economic decisions. It focuses on countries or continents and large regions, and it generally has applications for government policy makers. In contrast, microeconomics focuses on small-scale economic decisions, between individuals and firms. It examines how businesses can be the most successful and why individuals make the economic decisions that they do.

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posted by Mudkip (19)
10 votes

Economics is the study of the exchange of goods, services, and currency. Macroeconomics is the study of economics over large groups, from tens of thousands to billions (the world). Microeconomics is the study of economics for small groups down to the factors that determine the value of goods and services to a single individual.

7 votes

The difference between Microeconomics an Macro economics is there level of operation. Micro econ operates on an individual level, dealing with demand and supply and consumers behaviour( budget line and constraints). on the other hand, Microeconomics compiles consumer demand and supply to study the price level, inflation and unemployment level.

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posted by Anonymous  
5 votes

micro economics deals with individual unit for example: individuals income etc macro deals with aggregate unit of economy. example: national income. micro is also called as price theory and macro as general employment theory..

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posted by Anonymous  
5 votes

macroeconomics deal with the big picture of economy as a whole it includes =employment=prices =tax rates=productivity and relation between them.micro includes study of individual,business=like firm etc.

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posted by huhs (5)
5 votes

Big picture or a small detailed picture

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posted by Anonymous  
2 votes

classical economist

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posted by Anonymous  
0 votes

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