What is the difference between macroeconomics and microeconomics?

Asked by Phoebe Smythe on March 19th, 2012 @ 5:12 p.m.
Sign in to answer this question

1 answer to this question

The most relevant answers filter to the top...

Macroeconomics refers to the study of the overall economy and examines factors that affect the aggregate measures. Examples of measurements that are observed in macroeconomics include gross domestic product, unemployment, inflation rate. 

Microeconomics on the other hand looks at how firms and individuals behave in an economy and how they make decisions. It takes a closer look at supply and demand and how prices and output are determined in different industries (eg in the pharmaceutical industry).

Answered by Chido Munangagwa on April 25th, 2012 @ 11:48 a.m.