Microeconomics and Macroeconomics
The development of economic theory as it relates to individual units in a society is called microeconomics. Microeconomics studies the interactions of small units in an economy and theorizes about the implications of such interactions. While microeconomics studies the individual units of economic activity, macroeconomics takes a larger view. It is the analysis of the aggregate of all the economic actions of individuals, corporations and businesses.
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Last updated: 12/15/2017
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