Question
Distinguish between microeconomics and macroeconomics. Give an example of each.
| Microeconomics | Macroeconomics |
| Studies the behaviour of individuals. | Studies the behaviour of the economy as a whole. |
| Deals with the determination of prices and quantities of goods and services in the individual market. | Deals with the determination of the aggregate price level and the quantities of goods and services in an economy. |
| Example: Individual demand, individual supply, rent, wages, profit and price are main variables. | Example: Inflation, aggregate demand, aggregate supply and employment level are main variables. |
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