What is the difference between microeconomics and macroeconomics?

Answer #1

Macroeconomics deals with entire economics such as unemployment rates or lending rates. Microeconomics deals with single units such as family budgets or individual business.

Answer #2

Good answer Damon Griffiths. Included in macroeconomics is Gross Domestic Product. Microeconomics focuses more on the operations within a single company or business such as their use of resources or budget/policy implementation. Considering the supply vs. consumer side question in current under-politics, I think families and other demographic consumer groups should be considered in microeconomics.

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