What is the definition of macroeconomics and microeconomics?

Economics Dec 08, 2020

Expert Solution

Macroeconomics: Macroeconomics is the study of an economy as a whole. Rather than studying any individual system within an economy, macroeconomics studies the impact of all these systems on the economy as a whole. In macroeconomics, inflation, unemployment, economic growth, and other concepts are studied.

Microeconomics: Microeconomics is the study of the behaviors of individuals and firms. This takes a microscopic view of an economy and studies the factors that influence the decisions taken by firms, individuals, and households. Here, markets, firm theory, cost theory, and other concepts are studied.

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