There are numerous types of economics and it is for this reason that you should know the basics of micro or macro economics before you attempt to venture into the world of micro or macro. You might have heard of the macro theory and its variations but did you know what micro theory is all about?
The main difference between the two theories is that the former one aims at explaining how the entire economy works and is influenced by external factors whereas the latter one concentrates on the macro level. In micro, it is generally considered that all economic activities occur in the economy at a microscopic level, whereas in macro, there is a large level of concentration. This is because, on the one hand, there are a lot of micro variables involved in the market and the economy; and, on the other hand, the presence of macro variables is very important because they are responsible for creating large macro aggregates.
Micro and macro theory has an extensive history and this was the first time when macro theory began and has been going on ever since. Although, today, with the advancement of technology, micro theory is being replaced by macro theory which mainly focuses on the global level where it is mainly concerned with the macro aggregates.
Since micro theory is much more intricate than macro, it takes a long time to understand, whereas in case of a macro, you can quickly grasp the concepts of the economy if you are familiar with micro theory. For example, you can easily understand that macroeconomics deals with the overall level of prices as well as the value of a product. As opposed to micro theory which focuses on the price level and the value of products, micro theory focuses on the value of an individual unit of currency.
So, what is the difference between micro and macro economics? First of all, micro theory can help you understand the economic concepts much better compared to macro theory. It is because of this reason that you should not ignore this theory just because it is smaller and simpler; as compared to macro theory, it can provide you with a wider perspective of the market as well as the economy.
You should remember that, even if you are a student, you should still know the basic concepts of micro or macro economics first so that you can be able to use these concepts in order to get a better comprehension of the macro theory. There are lots of good guides available online that will help you master the concepts of the macro and micro theories. Therefore, if you would like to learn more about these topics then you can make use of these guides. In case, however, you do not have access to these guides then you can also look for online tutorials.