What is Macroeconomics?

What is Macroeconomics? Macroeconomics is the study of economics on a large scale. The Economist’s Dictionary of Economics defines Macroeconomics as “The study of whole economic systems aggregating over the functioning of individual economic units. It is primarily concerned with variables which follow systematic and predictable paths of behavior and can be analyzed independently of […]

What is Microeconomics?

What is Microeconomics? Simply put, Microeconomics is the study of economics on a small scale. Economist’s Dictionary of Economics defines Microeconomics a bit more detailed, “The study of economics at the level of individual consumers, groups of consumers, or firms… The general concern of microeconomics is the efficient allocation of scarce resources between alternative uses […]