Explain how microeconomics and macroeconomics are interrelated and how they differ

Posted on 01.06.2018 by Admin
Microeconomics is the study of how households and firms make decisions and how they interact in markets. Micro deals with individuals, firms and particular markets. The branch of economics that studies the behavior of an individual consumer, firm, family is known as Microeconomics.
Environmental sustainability definition and issues. Here you can know their meaning, commonalities, key differences all explained with example. Micro principles are used in macro economics.
The branch of economics that studies the behavior of the whole economy, both national and international is known as Macroeconomics. Microeconomics and Macroeconomics are the two major branches of economics. How the firms decide the output level and how they decide the production method. Macro deals with whole economy - GDP, inflation, trade. How should the firms charge their product prices. Micro Economics and Macro Economics.