Microeconomics and Macroeconomics: concept, differences, summary and examples I Simplified Economics
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The distinction between microeconomics and macroeconomics is central to understanding economics.
The burning question: Micro or macro?
It's usually the first question economists newly introduced to this field ask each other, the distinction between the two approaches that lies at the heart of economics. They are often considered completely separate fields of study, to the point where many spend their entire lives specializing in one or the other, without any sense of loss.
Derived from mikros, the ancient Greek for "small," microeconomics is the term used to study how households and businesses make decisions and interact with markets. For example, a microeconomics specialist might focus on how a specific type of arable farming has risen and fallen in recent years.
The term macroeconomics derives from the Greek makros, "large," and is the study of how economies as a whole function. A macroeconomist is more interested in questions like why a country's growth rate is so high but inflation is low (as in the United States during most of the 1990s), or what the causes of rising inequality and unemployment are.
However, although the two topics are often treated separately, they are underpinned by the same fundamental rules: the interplay of supply and demand, the importance of prices and well-functioning markets, and the need to determine how people act in the face of scarcity and shortages, as well as a whole range of incentives.
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