Difference between Macro & Micro Economics
If we judge as the perspective of analysis method, we can see that there are conspicuous differences between Microeconomics and Macroeconomics and both are surrounded by some limitation as they have some own features. That’s why Micro and macro-economic have remarkable disparities objectively and structurally.
Difference between are given bellow:
1) Definition: The branch of economics that studies the behavior of an individual consumer firm, family, is known microeconomics.
The branch of economics that studies the behavior of the whole economy, both national and international, is known as macroeconomics.
2) Discussing topic: One consumer behavior, one consumer demand, price fixing of one product, individual revenue and expenses, savings, production possibility of an organization etc. Are the topics of micro-economics.
Total production, national revenue, total demand, total supply, total savings, total invest, national price line etc. are the topic of macroeconomics.
3) Foundation: Microeconomics consists of individual entities.
Macroeconomics stands on micro-economics.
4) Dealing System: Microeconomics deal separately with different part of economics conditions
Macroeconomics deal aggregately with national and international economic condition
5) Business Applications: Microeconomics can apply in operational and internal issues.
Macroeconomics can apply in environmental and external issues.
6) Effectiveness in real life: Microeconomics discuss economic system in small range that’s why it is not effective in real life
Macroeconomics is effective in real life. we can see here whole economic system /condition.
7) Full recruitment status: Microeconomics discus about anything to containing that full recruitment status are existing.
Macroeconomics discus all economic part without containing this.
8) Concentration: Microeconomics concern with personal/individual economic growth.
Macroeconomics concern with national/international economic growth.
Contributor: Umma Rajuly Erina
From Mawlana Bhashani Science & Technology University