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In economics, two different ways of looking at the economy have been developed by economists i.e., macroeconomics and microeconomics.
Macroeconomics (‘macro’ in Greek language means ‘large’) looks at the behaviour of the economy as a whole such as the issues like inflation, rate of unemployment, economic growth, balance of trade, etc. It is the branch of economics which studies the economy in its total or average term.
Microeconomics (in Greek language ‘micro’ means ‘small’) looks on the behaviour of the units i.e. the individual, the households, the firms, a specific industry, which together make up the economy.