The vital components of micro and macroeconomics include

1)Macroeconomics

• Aggregate demand. It is a measure used in determining the total demand for commodities in an economy.
• Aggregate supply. It refers to the overall supply of goods and services in a particular market from producers or suppliers.
• National income. It is a measure of the economic activities in a country. Statistics of national income are used determining economic growth in a country.

2)Microeconomics

• Elasticity. It refers to the sensitivity of quantity demanded and quantity supplied due to variations in prices of consumer goods and services.
• Cost of production. It entails the costs or expenses incurred by firms in their operations. They are categorized into fixed, variable, marginal, and total cost.
• Market structures. It is the organization of different markets, which is defined by different characteristics such as levels of competition and number of buyers as well as sellers in the market.