Question

What is the difference between Microeconomics and Macroeconomics?

Answer 1

Difference between Micro and Macro Economics.

$\begin{array}{ccc}\text{S.No.}& \text{Microeconomics}& \text{Macroeconomics}\\ 1& \text{Microeconomics studies economic}& \text{Macroeconomics studies}\\ & \text{problems at an individual level.}& \text{problems at the level of an economy as}\\ & & \text{a whole.}\\ 2& \text{Microeconomics determines the}& \text{Macroeconomics determines the}\\ & \text{output and price for an individual firms.}& \text{aggregate output and general price}\\ & & \text{level in the whole economy.}\\ 3& \text{Demand and supply are its main tools.}& \text{Aggregate demand and aggregate}\\ & & \text{supply are its main tools.}\\ 4& \text{It assumes all the macro variables to be}& \text{It assumes all the micro variables}\\ & \text{constant, such as national income, consumption,}& \text{to be constant such as firms,}\\ & \text{savings, etc.}& \text{prices of individual products, etc.}\end{array}$