Difference between microeconomics and macroeconomics

 

Although micro and macroeconomics both are important aspects of economics, they both have different meaning and working way.

Microeconomics Macroeconomics
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.

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