Microeconomics is social science studies the choices that individuals, businesses, governments,
and the entire societies make as they cope with scarcity, the influences on those choices, and
the arrangement that coordinate them.
The differences between Microeconomics and macroeconomics are:
Microeconomics focuses on the individual parts of the economy.
How households and firms make decisions and how they interact in specific markets
Macroeconomics looks at the economy as a whole.
Economy-wide phenomena, including inflation, unemployment, and economic growth
Microeconomics is social science studies the choices that individuals, businesses, governments,and the entire societies make as they cope with scarcity, the influences on those choices, andthe arrangement that coordinate them.The differences between Microeconomics and macroeconomics are:Microeconomics focuses on the individual parts of the economy.How households and firms make decisions and how they interact in specific marketsMacroeconomics looks at the economy as a whole.Economy-wide phenomena, including inflation, unemployment, and economic growth
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