Explain four differences between micro-economics and macro-economics.(8 marks)November 2022
JemshahEnlightened
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Microeconomics is the study of individual economic behavior, such as that of consumers, firms, and markets. It examines how these actors make decisions and how they interact with one another in specific markets. Microeconomics is concerned with understanding the behavior of individual agents such as households and firms, and how they interact in markets.
Macroeconomics, on the other hand, is the study of the economy as a whole. It examines aggregate economic phenomena such as gross domestic product (GDP), inflation, and unemployment. Macroeconomics is concerned with the economy as a whole, and with the large-scale phenomena that affect it. It looks at issues such as growth, inflation, and unemployment.