What is the basic difference between macroeconomics and microeconomics?
A) Microeconomics explores the causes of inflation, while macroeconomics focuses on the causes of unemployment.
B) Microeconomics concentrates on the behaviour of individual consumers, while macroeconomics focuses on the behaviour of firms.
C) Microeconomics concentrates on the behaviour of individual consumers and firms, while macroeconomics focuses on the performance of the entire economy.
D) Microeconomics concentrates on individual markets, while macroeconomics focuses primarily on international trade.

Question

Quizplus · Accepted Answer

Microeconomics deals with the behavior of individual consumers and firms in specific markets, such as the demand and supply of a particular good or service. On the other hand, macroeconomics focuses on the performance of the entire economy, including topics such as inflation, unemployment, economic growth, and international trade. Therefore, the correct option is C.

What Is the Basic Difference Between Macroeconomics and Microeconomics