Although micro and macroeconomics both are important aspects of economics, they both have different meaning and working way.
|1. It is concerned the individual quantities, income price output.
|1. It is concerned to aggregates of individual quantities, national income, general price level & national output|
|2. It studies the aggregates related to particular commodities market industries.||2. It studies the aggregates relate to the entire economic system.|
|3. It deals with sub-aggregates of individual aggregates.||3. It deals to large-aggregates related to the economy as a whole.|
|4. It examines how relative price of products & factors are determined & how resources are allocated.||4. It examines how general price level is determined & how resources are allocated under whole economic system.|
|5. It is not concerned to policy imposition.||5. It examines the various economic problems & make policies to deduce them.|
|6. It assumes the full employment in leissez-faire economy of classical concept & try to analyze resource allocation pattern.||6. It tries to analyze how resources can be fully utilized & try to bring full employment.|
|7. It is based upon J. B. Say’s law i.e. ‘supply creates its own demand’.||7. It rejects the law of say. It believes that there are various factors which brings equilibrium into demand & supply.|