Micro and Macro Economics

#economics #micro #macro

‘Economics’ is defined as the study of how humans work together to convert limited resources into goods and services to satisfy their wants (unlimited) and how they distribute the same among themselves. Economics has been divided into two broad parts i.e. Micro Economics and Macro Economics.

There are two broad categories into which Economics is classified, i.e. Micro Economics and Macro Economics.

In a nut shell

Micro Economics talks about the actions of an individual unit, i.e. an individual, firm, household, market, industry, etc.

On the other hand, the Macro Economics studies the economy as a whole, i.e. it assesses not a single unit but the combination of all i.e. firms, households, nation, industries, market, etc.

Have a prosperous week, Keep the Faith!

#economics, #micro, #macro,