Two differences in Economics
What is Economics?
Economics is the study of economy works, and how tough decisions are made with limited resources. The study of economics helps one to better understand prices, the type of economy, business, money, banking, and international trade.
Two differences in Economics
Microeconomics is the study of economic systems on a small scale; how economic theories play out when they are applied to an individual, a group, or a company. Microeconomics would include the study of supply and demand for a particular product, or examination of how a particular piece of legislation would affect an individual business in that area. A classic microeconomics topic is the study of how a single market changes due to monopoly.
Macroeconomics is looks at entire markets or economies of countries or the world. Macroeconomics examines how economic theories apply to governments, markets, and international organisations. Examples of the kind of topics studied in macroeconomics would include fiscal and monetary policy, economic development, or the economics of industrial organisation and the labor market in a particular region.
Both micro- and macroeconomics can deal with similar issues, but on different levels. Consider, for example, the cost of living in a particular area, and its relation to inflation. This is related to microeconomics – because it’s about how much people have to spend on housing, food, entertainment and so on – and can therefore be described on the individual level. But it’s also an important topic in macroeconomics, as inflation is affected by things like interest rates, which are, in part at least, set by the state. It can therefore also be analysed on the national level as a subject of macroeconomics.
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