Micro and macro economics coined by Thomas Carlyle was a term originally invented in order to describe the study of the effects of economic policies and events on individual citizens. It was first used by him in his book 'Of Political Economy' in 1796 and then later by other economists, such as John Stuart Mill.
The concept was created by Carlyle and described how economics affected individuals rather than economies and nations. This concept has now been used by economists and financial analysts from all over the world in order to help us understand the economic and political factors that affect the economy as well as the behavior of individuals. The effects of changes to the economy can be quite drastic and sometimes the effects can last for years.
Microeconomics is about the small aspects of an economic system, such as the costs involved and the supply of money. In addition to being about these things it is also about how the decisions made by individuals are affected by their individual situations and circumstances. The effects can be very subtle and it is possible for large scale economic events to have quite devastating effects on individual lives.
Macroeconomics deals with the large aspects of an economic system, such as the overall level of demand, the level of supply of a commodity or service, the balance of trade in a country and the national level. It is also about the effect of government policy on the national economy.
Macroeconomics is the study of the interaction of macroeconomic variables and their effects on the economic system and individuals. It is important to note that this does not mean that it is impossible to create a macroeconomic environment where microeconomics is not applicable.
There is no way to create a macroeconomic environment that would not have adverse effects on individuals living within the area affected. This is why it is always best to think about the macroeconomic aspects of your situation when it comes to your personal finances.
There is also a difference between macro and micro economics, as there is a great deal of controversy around the impact of the Federal Reserve Bank's economic policy. The majority of economists and analysts believe that the central bank of the United States has a lot of influence on the market and the direction of the economy and are responsible for most of the problems that occur within the economy.
Economists argue that if the central bank is allowed to take excessive risks then the economy will be in great danger and the central bank will lose control of the process and the economy will come crashing down. The debate continues and one thing is for sure, the debate will go on until someone comes up with a solution that both sides can agree with.
In conclusion, both micro and macro economics are important concepts in understanding the different aspects of the economy and how it affects individuals and societies around the world. It is a common sense approach to both a macro and micro view of the economy, but it is important to understand what each of these concepts really means when it comes to your own personal finances.