Give the definition of macroeconomics and microeconomics

Economics Dec 08, 2020

Give the definition of macroeconomics and microeconomics.

Expert Solution

Macroeconomics is the study of the economy as a whole. It looks at aggregates rather than individuals. Here, the concepts of inflation, aggregate demand, aggregate supply, GDP, and others similar concepts are studied.

Microeconomics is the study of the economy by taking a microscopic view of it. Here, individual firms and households are studied. The working of individual markets are also included in microeconomics.

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