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What is the difference between macro and micro economics?

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What is the difference between macro and micro economics?
posted Jan 28, 2015 by anonymous

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1 Answer

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Economics can be described as the social science that examines how people use limited resources to produce, distribute, and consume goods and services to satisfy their unlimited needs and desires. Although microeconomics and macroeconomics are not the only disciplines and paths of specialization to exist within the broader context of economics, these two related, tightly bound, but nonetheless disparate fields are likely the most prominent.

Microeconomics vs. Macroeconomics

Microeconomics and macroeconomics do exactly what their names indicate.

Microeconomics focuses on close-up snapshots of people, businesses, and non-profit organizations acting within economies.

Macroeconomics zoom out to concentrate on the big picture of broader trends within those economies.

Both fields use the same concepts. microeconomics nor macroeconomics is independent and thus separate from the other. Individual economic actions cannot be understood without the context of their economies while economies cannot be understood without understanding the individual actors that constitute them.

answer Jan 29, 2015 by Jdk