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The basic difference between macroeconomics and microeconomics is that: A
The basic difference between macroeconomics and microeconomics is that:
A. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets).
B. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries.
C. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets).
D. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
Expert Solution
C. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets).
Macroeconomics is a field of economics that reviews the entire economy and its related activities in totality i.e looks at the aggregate markets whereas
microeconomics considers individual economic components and its related activities in general i.e looks at individual economic components like Individual consumption, production, demand, and supply.
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