Microeconomics and Macroeconomics. Explain the difference between microeconomics and macroeconomics. What are the areas of concern...

Microeconomics and Macroeconomics. Explain the difference between microeconomics and macroeconomics. What are the areas of concern for each of these branches of economics?

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Macroeconomics, is that branch of the economics, that deals with the things at the aggregate level or we can say that studies the things at large scale such as the decision taken by households in the economy, firms in the economy, national income, national productivity etc. On the other hand microeconomics, is that branch of the economics, that deals with the things at the individual level such as decision-making by a firm, decision making by an individual or a equilibrium in the single market. Therefore, we can say that the area of the concern for the macroeconomics is the whole economy, on the other hand, the area of concern for the microeconomics is the single entity which can be a single firm or a single household.

Rahul Sunny answered 1 year ago

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