Micro Economics and Macro Economics

Micro and Macro economics

Microeconomics focuses on issues that affect individuals and companies. This could mean studying the supply and demand for a specific product, the production that an individual or business is capable of, or the effects of regulations on a business.

Macroeconomics focuses on issues that affect the economy as a whole. Some of the most common focuses of macroeconomics include unemployment rates, the gross domestic product of an economy, and the effects of exports and imports.

While microeconomics focuses on the effects a certain decision has on individuals and businesses, macroeconomics looks at the bigger picture. In macroeconomics, a common issue is the effects of certain policies on the national or regional economy.

Macroeconomics and microeconomics, and their wide array of underlying concepts, have been the subject of a great deal of writings. Microeconomics is generally the study of individuals and business decisions, while  macroeconomics looks at higher up country and government decisions.

The difference between micro and macro economics is simple. Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole.