Introductory Economics (Micro and Macro): Microeconomics and macroeconomics are two branches of economics that study the economy at different levels. Micro and macro economics complement each other to form a comprehensive understanding of the economy. While microeconomics analyzes the behavior of individual economic agents, macroeconomics studies the performance and structure of the entire economy.
Microeconomics focuses on the behavior and decisions of individual economic agents, such as consumers, firms, and industries. It examines how they allocate their limited resources to meet their unlimited wants and needs, and how they interact in markets to determine prices and quantities of goods and services traded. Microeconomics also studies market failures, such as monopolies, externalities, and public goods, and considers how government policies can correct these market failures.
Macroeconomics, on the other hand, studies the economy as a whole, looking at the behavior of aggregate variables such as national income, employment, and inflation. It studies the determinants of economic growth and stability, and the role of government policies in maintaining full employment, controlling inflation, and achieving economic growth. Macroeconomics also analyzes the interdependence of different economies and the effects of international trade and globalization on the domestic economy.