Description

Micro-economics deals with individual units in the economy, usually the individual or the household, and the firm focuses on consumer behavior and how the family distributes its income by spending on various goods and services. The micro-economy is also interested in determining the level of production that enables the enterprise to maximize its profits. By contrast, macroeconomics deals with the study of large-scale economic topics in dealing with the national economy in a group, ignoring individual units and many of the problems they face. Focusing on the national economy as a whole, macroeconomics is concerned with the overall output of the economy and the general level of prices rather than the output and price level of individual enterprises, as well as the fiscal and monetary policies of the country