What is the difference between microeconomics and macroeconmics? Discuss and contrast the two therories.
Do you have a web address that I can go on to get an answer for my question .
http://www.investopedia.com/ask/answers/110.asp#axzz1YX53nsnL
Microeconomics and macroeconomics are two branches of economics that examine different aspects of the overall economy.
Microeconomics focuses on the behavior and decision-making of individual economic units, such as households, firms, and individuals. It analyzes how individuals and firms make choices regarding production, consumption, and resource allocation. Microeconomics also studies the market forces of supply and demand that determine prices and quantities in specific markets.
In contrast, macroeconomics looks at the economy as a whole and studies broader aggregates and aggregates' interactions. Macroeconomists analyze factors such as national income, unemployment, inflation, economic growth, and the overall behavior of the economy. They study the factors that influence economic performance at the national or regional level, such as government policies, international trade, and monetary systems.
To understand the differences between microeconomics and macroeconomics in more detail, you can refer to various reputable online sources such as:
1. Khan Academy (https://www.khanacademy.org/economics-finance-domain/microeconomics)
2. Investopedia (https://www.investopedia.com/terms/m/microeconomics.asp)
3. Boundless Economics (https://courses.lumenlearning.com/boundless-economics/chapter/introduction-to-microeconomics-and-macroeconomics/)
These websites provide comprehensive explanations and examples that can help you gain a better understanding of the two theories and their contrasting approaches.