What is microeconomics? Explain the difference between macroeconomics and microeconomics

Economics Dec 08, 2020

What is microeconomics? Explain the difference between macroeconomics and microeconomics.

Expert Solution

Microeconomics deals with the smaller units of economics - consumers in their households, and individual business firms and the industries in which they operate. There are some very large industries -- computers and petroleum refining are examples -- but they are still covered under microeconomics. Macroeconomics looks at aggregates or totals - that is, with factors relating to the economy as a whole, such as employment, total output, interest rates, taxes, etc.

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