What is the difference between microeconomics and macroeconomics
Microeconomics is the study of individual economic units such as households, firms, and markets. It focuses on understanding how these units make decisions regarding resource allocation and consumption.
Macroeconomics, on the other hand, is the study of the overall economy, including its performance, growth, and fluctuations. It deals with issues like national income, inflation, unemployment, and government policies affecting the entire economy.
In summary, microeconomics examines small-scale economic phenomena at the individual or firm level, while macroeconomics looks at the aggregate or big picture economic indicators and factors.