Theory of economic growth and development, Theory of money, Theory of national income, Theory of international trade, Theory of employment, Theory of general price level Theory of product pricing, Theory of factor pricing, Theory of economic welfare Macroeconomics deals with several issues such as: National Income, Employment Distribution, General price level, MoneyĪpplied to external and environmental issues Microeconomics deals with multiple issues such as: Demand and Supply, Product pricing, Factor pricing, Production, Consumption, Economic welfare The aggregate or total market segments of an economy are included in the macroeconomics’ area of study.
The area of study of microeconomics includes the particular market segment of an economy. Macroeconomics studies the aggregate variables of the economy of a nation. Microeconomics is the study of individual units of the economy of a nation. Difference between Micro and Macro Economics Basis This article will focus on understanding the two concepts – microeconomics and macroeconomics, and the major differences between micro and macroeconomics. These two branches of economics explain how economies work ranging from the economy of just an individual to the economy of an entire country. While microeconomics studies the individual units of a country’s economy, macroeconomics deals with the entire economy of a country as a whole. These are the two main categories of economics. The subject of economics comprises two branches – Microeconomics and Macroeconomics. It is the social science that deals with the production, consumption, and distribution of goods and services. Economics is a branch of knowledge that studies the financial structure of a nation and the factors influencing it.
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