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What is the micro and macro economics with definition?

Microeconomics

Microeconomics is a social science which studies which concentrates or studies the behavior of individual units of the economy for example household, industry, or firm. It throws light on elements which affect individual choices, how individual decisions or choices are connected with markets, determination of demand and supply in the market among other elements.

Macroeconomics

Unlike microeconomics which studies the behavior of individual units, macroeconomics focuses on the behavior of the aggregate or the whole economy. Examples of factors covered under macroeconomics include inflation, national income, price indices, unemployment among others.

 

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