What is the fundamental difference between macroeconomics and microeconomics?
A)Macroeconomics involves studying the economy as a whole, while microeconomics involves studying the behavior of individual industries, firms, and households.
B)Macroeconomics concentrates on those parts of the economy involving very large amounts of money, while microeconomics concentrates on those parts of the economy involving small sums of money.
C)Macroeconomics studies the behavior of large firms, while microeconomics studies the behavior of small firms.
D)There is no difference, basically macroeconomics and microeconomics are one and the same.
E)None of the above.

Question

Quizplus · Accepted Answer

The fundamental difference between macroeconomics and microeconomics is that macroeconomics studies the economy as a whole, including factors such as inflation, economic growth, and unemployment, while microeconomics focuses on the behavior of individual industries, firms, and households, and how they make decisions based on scarce resources.

What Is the Fundamental Difference Between Macroeconomics and Microeconomics