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Macroeconomics looks at economies as a whole. Microeconomics looks at the economic behavior of individuals and other economic agents.Definitions| Macroeconomics | Microeconomics | | 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.| Macroeconomics | Microeconomics | | Aggregate SupplyAggregate DemandInflationUnemploymentMonetary PolicyFiscal PolicyGrowth ModelsEconomic Systems | SupplyDemandCompetitionConsumptionOpportunity CostProductivityEfficiencyMarket Behavior |
Overview| Area | Macroeconomics | Microeconomics | | An Approach To | Economics | Economics | | Scope | ProductionDistributionConsumptionCapitalMarketsCompetitionEfficiencyProductivityGrowthEconomic Problems | ProductionDistributionConsumptionCapitalMarketsCompetitionEfficiencyProductivityGrowthEconomic Problems | | Approach | Top-down | Bottom-up | | Methods | Systems Thinking | AnalysisGame Theory | | Focused On | Economic SystemsEconomic Policy | Economic Behavior |
Economics
This is the complete list of articles we have written about economics.
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Everyday examples of economics.
The definition of systems theory with examples.
The definition of class consciousness with examples.
The definition of imperfect competition with examples.
The definition of wealth effect with examples.
The definition and overview of communism.
An overview of the major types of economic system.
The definition of state capitalism with examples.
The basic characteristics of a social market economy.
The definition of macroeconomics with examples.
The definition of economic activity with examples.
A list of the primary problems with capitalist economies.
An overview of greed is good with examples.
An overview of the industrial revolution with examples.
The definition of industrial economy with examples.
The definition of financial system with examples.
A list of common economic issues.
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