If you are interested in learning macro and micro economics introduction, then this article is for you. For those who aren't familiar with the two, I'll briefly explain them. Then, I will talk about the most common way to study macro and micro, which are through textbook-based learning.
Microeconomics is all about the micro aspects of economics, such as price fluctuations, demand and supply of goods and services, and the behavior of individual consumers. Microeconomics is not about the macro (or global) economic issues. This is because microeconomics is concerned with the behavior of small business individuals and firms. For instance, a microeconomic problem can include a business owner who is deciding whether to hire more employees, expand their sales, or get more customers, and this is just one example of a microproblem.
Macroeconomics is the study of how economies function in a larger society. It is also considered the overall view of economic policies. As the name implies, macroeconomics is usually considered to be a complete description of how economies work. It encompasses every aspect of the economy, including prices, supply and demand, interest rates, financial institutions, public policy, and business cycles. Because it deals with all aspects of an economy, this type of economics is often called economics that deals with the “big picture.”
However, microeconomics and macroeconomics have many overlaps, as both are concerned with the small scale factors within an economy. For instance, both macroeconomics and microeconomists can look at the price fluctuations of a business owner's business and determine the amount of money it will cost him to raise prices. This cost will depend on the level of competition and other variables, but it can give a good general idea of what it will cost. If you are interested in microeconomics, you may also consider the decision-making process that business owners face when they decide whether to increase the price of a product or not.
When you are looking at macroeconomics, you should take note of the larger macroeconomic events that influence a nation, such as inflation, unemployment, and political turmoil. Also, the Federal Reserve plays a large role in the overall direction of the American economy. You may also learn about the role that international events and globalization play in an economy.
I hope you enjoyed my micro and macro economics introduction. If you want to find out more about the theories behind micro and macro, check out the links below.