Macro- and microeconomics
Macro and microeconomics are the two vantage points from which the economy is observed. Microeconomics looks into similar issues, but on the level of the individual people and firms within the economy. It tends to be more scientific in its approach, and studies the parts that make up the whole economy.
Analysing certain aspects of human behaviour, microeconomics shows us how individuals and firms respond to changes in price, and why they demand what they do at particular price levels. Macroeconomics looks at the total output of a nation and the way the nation allocates its limited resources of land, labour, and capital in an attempt to maximise production levels, and promote trade and growth for future generations.
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