Micro economics refer to supply and an individual market. In other hand is macroeconomics is the study of a national economy as a whole. The key difference between micro and macroeconomics are distinguished as under.
| Microeconomics | Macroeconomics |
| Microeconomics studies the particular market segment of the economy | Macroeconomics studies the whole economy, that covers several market segments |
| Micro economics stresses on individual, group, or company level economic units in terms of the total amount of goods and services produced. | Macroeconomics focuses on the entire economy in terms of the total amount of goods and services produced. |
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Microeconomics concerned with studying the supply and demand for a specific product, the production that an individual or business is capable of, or the effects of regulations on a business.
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Macroeconomics concerned with unemployment rates, the gross domestic product of an economy, and the effects of exports and imports of a nation.
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| Microeconomics stresses on issues that affect individuals and companies. It covers the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms (that firms exist and make decisions to maximize profits) | Macroeconomics focuses in respect of total national income, aggregate employment, and general price level in the economy. |
| Microeconomics studies product and factor pricing, production consumption and also theory of economic welfare.
Microeconomics is also referred to as price theory, because it mainly revolves around the prices of different variable |
Deals with the behaviour of various economic variables that refer to the economy as a whole. These variables are—total national income, aggregate employment, the extent to which the economy’s resources are being fully employed, aggregate saving and investment, and the general price level in the economy.
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| Applied to operational or internal issues |
Applied to Environment and external issues
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| The microeconomics focuses on the way taxes affect the individuals, and companies. |
The macroeconomics focuses on the way taxes affect the economics of a nation. A macroeconomist would look at the effects of a decrease in income taxes using measures like GDP and national income, rather than individual factors.
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