Question

What Is the Importance of Microeconomics and Macroeconomics?

Answer 1

Microeconomics is important as it focuses on the smaller or individual aspects of the economy like workers, households and businesses. Macroeconomics, on the other hand, is important as it studies the economy as a whole. It looks after the major aspects of the economy such as GDP, unemployment rates, and inflation.

Also see:

• What is microeconomics?
• What is macroeconomics?
• Difference between Microeconomics and Macroeconomics