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Homework answers / question archive / The difference between the study of microeconomics and the study of macroeconomics is a difference between A
The difference between the study of microeconomics and the study of macroeconomics is a difference between
A. individuals and families.
B. single individuals and large companies.
C. the study of government policy and the study of the private sector.
D. the study of individual economic units and the study of aspects of the economy as a whole.
The correct answer to the given question is option D. the study of individual economic units and the study of aspects of the economy as a whole.
The macroeconomics domain deals with the economic aspects of an overall economy such as unemployment, interest rates, money supply, aggregate demand, aggregate supply, GDP or output, fiscal policy, monetary policy, economic expansion and economic recession.
The microeconomics domain deals with the economic aspects of an individual or a firm such as demand, supply, price elasticity, income, profit maximizing quantity and equilibrium price.
Microeconomics and Macroeconomics: The overall economics discipline is primarily bifurcated into two high level sub-domains, namely, microeconomics and macroeconomics. The microeconomics sub-domain is relatively restricted in scope and scale in comparison to the macroeconomics sub-domain.
