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Micro Economics defined

Saturday, 27 June 2009 04:56 techamberlain
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Again, from Wikipedia:

 

Microeconomics (from Greek: μικρό-ς // small, little and οικονομία /ikono΄mia/ economy) is a branch of economics that studies how households and firms and some states make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services, which determines prices; and how prices, in turn, determine the supply and demand of goods and services.[2][3]88878888

 

 

Macro Economics Defined

Saturday, 27 June 2009 04:51 techamberlain
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From wikipedia:

Macroeconomics (from Greek: μακρύ-ς /ma΄kri-s/ long, large and οικονομία /ikono΄mia/ economy) a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole.[1] Along with microeconomics, macroeconomics is one of the two most general fields in economics. It is the study of the behavior and decision-making of entire economies.[2] Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets.