Briefly stated, microeconomics is about individual decision makers, whereas macroeconomics is about the aggregate effect of all decision makers.
However, this simple distinction does not adequately describe how macroeconomics differs from microeconomics. For this assignment you need to identify and describe three differences between macroeconomics and microeconomics. For each of the three examples, give one of the following to help illustrate the difference between microeconomics and macroeconomics: -the type of question that an economist might ask in macroeconomics as opposed to microeconomics The data that might be collected by a macroeconomist .
The type of decision that must be made at a macroeconomic level.
Microeconomics and Macroeconomics:
Both microeconomics and macroeconomics are part of economics, a social science which aims to describe the behavior of consumers. Much like the other social sciences, economics tries to explain the behavior of people. In this context, people are "consumers," they participate in the economy.
Answer and Explanation:
Microeconomics and macroeconomics are not independent from each other. There are similarities and differences between the two. Three examples of...
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fromChapter 1 / Lesson 10