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Difference between the Micro Economics and Macro Economics

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What is the difference between Micro economics and Macro economics?

Hello guys, we are here to learn the difference of Micro and Macro economics. Below I have explained in brief. Just go through it and finally you will come to know the main difference between them.

Micro Economics:-

  • It deals with an individual's economic behavior.
  • It deals with the pricing of a particular commodity in an industry.
  • It deals with the income of a particular set of people.
  • Study of micro economics is important for resource utilization, public finance, and for taking business decisions.
  • The concepts of micro-economics are independent concepts.
  • The concepts were popularized by the famous Alfred Marshall.
  • These concepts have more theoretical value.

Macro Economics:-

  • It deals with aggregate economic behavior of the people in general.
  • It deals with the general price level in the economy, National income accounting, etc.
  • Study of macro economics is important for formulation of economic policy of the whole nation.
  • The concept of macro economics are interdependent on one another.
  • The concepts were popularized by the famous Lord J.M. Keynes.
  • These concepts have more practical value.

So by this we completed the difference between Micro economics and Macro economics.

Thank you.

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