What is the difference between Microeconomics and Macroeconomics?

Question

Accepted Answer

Microeconomics focuses on individual economic agents and their interactions, while Macroeconomics studies the economy as a whole.

Microeconomics examines the behavior of individual consumers and firms, focusing on supply and demand for specific goods and services.
Macroeconomics looks at the economy as a whole, analyzing factors such as inflation, unemployment, and economic growth.
Microeconomics deals with issues like pricing of goods, consumer behavior, and production costs.
Macroeconomics addresses topics such as GDP, national income, and government fiscal policy.
Examples of microeconomic issues include the impact of a minimum wage increase on a specific industry, while macroeconomic issues could include the effects of a recession on overall unemployment rates.

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