Micro and Macro Economics
Basically, economics has divided into two major parts first one is Micro economics and Macro economics. Below, going to explain about both mentioned economics in detail.
Difference Between Micro & Macro Economics
There are many types of economics available but here we are just going to discuss two major different types of economics including Micro and Macro.
Micro Economics
Microeconomics is concerned with the behavior of individual households, business firms, and governments and how they interact with each other. For example, How firms choose how much to produce or what kind of products to produce is a microeconomics question. Microeconomics starts by thinking about how individuals make decisions.
Macro Economics
Macroeconomics concentrates on the behavior of the economy as a whole. Unemployment, interest rates, how government spending affects the economy, GDP (Gross Domestic Product), and the total output of the economy are all macroeconomic topics.
Macro and Micro are interrelated - Macro outcomes depend on micro behavior and micro behavior is affected by macro outcomes. Macroeconomics considers aggregate outcomes.