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Microeconomics is the study of individual economic units of an economy whereas macroeconomics is the study of aggregates of an economy as a whole. For example, when we study of an individual sugar mill manufacturing sugar, our study is micro analysis but if we study the entire sugar manufacturing sector of the economy, our study is macro analysis.
Also please note if we study the problem of production of a firm, our analysis is micro study but if we study the problems of production of the whole economy, our analysis is macro study.
Both Microeconomics and Macroeconomics are inter-dependent and complementary.
The main difference between the Microeconomics and Macroeconomics are as follows:
It is concerned with the determination of equilibrium level of incoem and employment of the economy.
Income is the major determinant of macroeconomic problems.
Examples are: individual income, individual savings, price determination of a commodity, individual firm’s output, consumer’s equilibrium. Examples are: National income, national savings, general price level, aggregate demand, aggregate supply, poverty, unemployment etc.
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