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.
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