What are the differences between the study of Micro Economics and Macro Economics and how are they inter-related with regard to the drafting of economic policies to remain current and relevant to the global economic environment?

Microeconomics is the study of individual markets. Within these markets, economists evaluate the choices of consumers, firms and sometimes governments. A specific market, such as automobiles, oil or computers is chosen, then an economics analysis is applied. Macroeconomics, on the other hand, is the study of broader markets, such as a country, city or state. Economic trends are evaluated from macroeconomic indicators such as GDP, employment, inflation and interest rates. They're different in the perspectives that they take and what they examine. Microeconomics tends to focus more on efficiency and the additional (marginal) changes made by firms and consumers. As an example, if the price of a good changes, how will that impact the number of goods sold? Macroeconomics tends to focus how the economy as a whole is doing. As an example for this, how has the unemployment rate changed in the past decade?

The two branches of economics are similar in that they're both applicable to creating economic policies that foster development in countries. Macroeconomic goals are often targeted by policy makers, and the main ones are: economic growth (real GDP), low inflation, and low unemployment. Once those macro goals are created, policy makers can apply the tools of microeconomics to a country. They can find specific policies that target specific markets, where the prices changed through increases in supply or quantities increased by increasing demand. Micro-economists study labor market changes and their suggestions can help a country improve the national employment situation.

A different example comes from inflation. Say macro-economists notice inflation in a country is increasing too rapidly. If the food prices are key drivers of inflation, economists could use the tools of microeconomics to increase the supply of food, which should hold down inflation and make food more affordable.