The study of economics with a holistic view of economic systems such that the behavior of individuals is only measured in aggregate.
The study of economics with a behavioral view that models individual economic decisions and how they impact economic systems.
ScopeEconomics is the study of the production, distribution and consumption including topics such as markets, capital, wealth, productivity, efficiency and economic bads. In theory, macroeconomics and microeconomics have the same scope in that you can use either to examine any problem in economics.
ExamplesMacroeconomics is useful for modeling top-down policies such as fiscal and monetary policy. Microeconomics looks at the bottom-up details of economic systems, incentives, competition and behavior. The following are examples of topics in each practice.
Aggregate SupplyAggregate DemandInflationUnemploymentMonetary PolicyFiscal PolicyGrowth ModelsEconomic Systems
SupplyDemandCompetitionConsumptionOpportunity CostProductivityEfficiencyMarket Behavior
An Approach To
Economic SystemsEconomic Policy