What are the merits and demerits of micro and macro economics? Is it all about numbers or is there anything else to these books?
Microeconomics, also known as micro-economic theory, is a way to study economies on a very small scale. It is more concerned with the minutiae of business than the larger macroeconomics. It focuses on the individual decision makers within an economy. In addition to this, its focus is much more on personal decisions than on international trade.
Microeconomics does not have a macro-economic model like macro theory has. This means that the values of money and the values of goods and services will vary from one person to the next.
Micro is based on the idea that people will act in ways that they think make them feel good and will not cost them a lot of money. This means that they will do what they think they should do and not what they think would be the best course of action. This is different than macroeconomics which is based on the assumption that people will use money to achieve their ends. The former is more based on the idea that people act based on rational, not emotional, considerations.
Micro also has much less emphasis on government spending. If you look at the workings of microeconomics, you can see that the decisions made by the person who is most involved in the process is the only person who has an impact on how the economy operates. The rest of the decisions and the processes are left up to the other individuals who are not directly involved.
Micro is often criticized for being overly abstract and lacking in detail. However, as I mentioned before, this is because the focus is much more on the individual decisions and personal decisions rather than the international trade of other countries. If you are someone who would like to get into macro but want some of the details of microeconomics, then micro is probably your best option.
Microeconomics does have merit in that it is a form of economics that doesn't have a macro model. Because of this, it can be used for more local, regional and personal issues than macro. However, it also has some limitations. For example, micro is not able to determine how a company will react to a particular change in demand or the nature of demand.
Macroeconomics is based around the assumption that consumers respond to changes in demand in the same way that consumers react to price. Micro theory can look at price changes and see how the other factors interact in a similar fashion. This means that it can look at what people are actually paying for items and how their actions affect the price. The problem with this is that it cannot make any predictions of how things might be different in the future.
Micro has a lot of merit when you look at it from this standpoint. The reason it has many merits is that it is an approach that gives you a better understanding of human behavior.