The usage of Micro-Economics and Macro-Economics:
-
An analysis of data pertaining to an individual enterprise, or several enterprises, is called microeconomics.
-
An analysis of data encompassing all aspects of the economy (i.e., total sales for all enterprises, the total number of unemployed workers, etc.), is called macroeconomics.
Consider the following examples:
-
An analysis of the changes in tomato prices involves microeconomics.
-
An analysis of the Consumer Price Index (which is affected by the prices of all goods in the economy) represents macroeconomics.
These terms are occasionally used interchangeably (i.e., “microeconomics” or “macroeconomics”), but they are both similar in meaning.
