Economics is the study of the economic factors of a country and that of the globe. It is broadly classified into Micro and Macroeconomics. As the terms signify, Microeconomics deals with the aspects of Economics at an individual, company or group level. Macroeconomics studies the Economics of a country as such.
Difference between Micro and Macroeconomics
Microeconomics deals with demand and supply of goods at individual level and the effects it makes upon production .It also discusses the regulations on a business. Macroeconomics deals with the same for the entire country and deals with issues like unemployment problem, inflation, fiscal policy, export and import of goods and gross domestic product of an economy. While Microeconomics deals with smaller issues at individual level, Macroeconomics deals with larger issues concerning a country’s economy.
Interdependence of Micro and Macroeconomics
Microeconomics and Macroeconomics concepts are interdependent and they study issues which are overlapping. Take the issue of inflation. Inflation is an important concept in both Macro and Microeconomics, though it comes under Macroeconomics. Inflation causes increased price of goods and cost of living. This not only affects a specific economy as a whole but it also affects businesses and individuals. Thus, inflation, a major Macroeconomics issue is interconnected with Microeconomics as well .Businesses has to raise their prices due to the increase in the cost of material. They will need to pay their employees more in due course of time for meeting the higher cost of living. For learning more such interconnections, you can contact an online Macroeconomics tutoring center like EduNiche and learn Macroeconomics topics with real life examples.
Some interesting topics in Microeconomics
Microeconomics discusses individual decisions and their effect upon production and consumption of goods in the market system. In this scenario, opportunity cost is an interesting concept in Microeconomics. Opportunity cost explains how people make valuable decisions based on their choice of goods. They have to consider the opportunity cost in choosing a product for its benefits by forgoing yet another product. Such topics are still more beautifully dealt in online Microeconomics Homework Help via expert tutors.
You can gather more valuable information about Micro and Macroeconomics concepts through online tutor help. EduNiche provides valuable Macroeconomics Homework Help to students for unique insights in topics and successful scores in tests and exams. The tutors with their personalized attention guarantee assured results for aspiring students in Economics.