IGCSE ECONOMIC 0455 intemass.com
Microeconomics is the study of individual markets. For example: studying the effect of a price change on the demand for a good. Microeconomic decision makers are producers and consumers (who directly operate in markets)
Macroeconomics is the study of an entire economy, as a whole. Examples include studying the total size of the economy or the unemployment rate, among other things. Macroeconomic decisions are made by the government of the particular economy – a town, state or country)
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