Micro vs Macro Economics: What's the Difference?
Individual agents are households, workers and businesses.
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1.What does microeconomics focus on?
Individual agents are households, workers and businesses.
2.Which are the usual macro yardsticks?
They are growth in living standards, low unemployment and low inflation.
3.Marge sells 120 cups a day at 2.50 each. What are her sales?
At 2.50 each, 120 cups make 300 in sales. Notice that this is one stand, one price, one group of customers. That is micro.
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Sources (6)
- Principles of Economics 3e, 1.2 Microeconomics and Macroeconomics (OpenStax, Rice University)
- Lucas, R. E.: Econometric Policy Evaluation: A Critique, Carnegie-Rochester Conference Series on Public Policy 1, 19-46 (1976); Goutsmedt, Pinzon-Fernandez, Sergi: Criticizing the Lucas Critique: Macroeconometricians' Response to Robert Lucas (HAL, 2015)
- Citizendium: Fallacy of composition (economics), Definition
- Eigene Rechnung: Kaffeestand
- Exposé Folge 319 (05_szenen/exposee_v1.json)
- Eigene Berechnung (Kaffee-Beispiel 2)
Education only. Not financial advice.