Economics Assignment Help: The Difference between Microeconomics and Macroeconomics

Most of us think that Economics is all about money, but in reality, it transcends beyond the boundaries of monetary transactions. It considers all the possibilities and helps you make the best decision in those monetary operations. As a student, this subject often seems a bit intimidating, which is one of the major reasons why student look for economics assignment help whenever they are asked to draft an assignment.

However, it has been noticed that a lot of students still have some doubts about the basic differences between Microeconomics and Macroeconomics. Well practically, there are some major differences between these two areas of Economics, and if you are willing to learn more about their difference, you are in luck.

Microeconomics:

This particular branch of economics deals with the behavior of a single unit. This unit can be an individual as well as an organization. In Microeconomics, we examine the market behavior of the unit to improve the decision making process. This field helps broaden our knowledge of various elements influencing the choices of individual buyers and sellers.

Macroeconomics:

Macroeconomics deals with the decision making the process of a larger entity like national economy. In this field of study, we need to evaluate elements like the collective supply and demand of goods to help determine the price of goods, inflation, GDP and some other crucial issues.

The major differences between these two areas of economics are:

Sl. No.	Microeconomics	Macroeconomics
1.	The study of Microeconomics focuses on the behavior of individual unit.	The study of Macroeconomics focuses on the behavior of the economy as a whole.
2.	It is often termed as ‘Price theory’.	This is termed as ‘Income Theory’.
3.	It deals with much smaller issues that affect an individual or company. Like Opportunity cost, demand and supply etc.	It deals with the major concerns that affect the entire country like inflation, unemployment, price etc.
4.	Here, impractical assumptions are made.	Here, ‘Fallacy of Composition' is involved which doesn't turn out to be true because not necessarily, the things that are true for aggregate is also true for an individual.

Hopefully, now you have a decent idea of how to differentiate between these two areas of Economics.