Microeconomics vs

Microeconomics focuses on the study of individual economic units and their behavior, such as consumers, firms, and markets for specific goods and services.

The scope of microeconomics primarily includes the determination of relative prices of goods, analysis of demand and supply for specific commodities, and the behavior of individual economic agents.

Macroeconomics focuses on the study of the economy as a whole, including aggregated measures such as national income, total consumption, and general price levels.

<p>The main tools of microeconomics are the analysis of demand and supply for particular goods or factors of production.</p> Signup and view all the answers

<p>Microeconomics involves limited aggregation as it focuses on individual economic units, while macroeconomics deals with a higher degree of aggregation at the level of the entire economy.</p> Signup and view all the answers