Question

Distinguish between microeconomics and macroeconomics.

Answer 1

Microeconomics studies economic problems at an individual level. It determines the output and price for an individual firm. While macroeconomics studies the economic problems at the level of an economy as a whole. It determines an aggregate output and general price level in the economy as a whole.

Answer 2

Microeconomics	Macroeconomics
It deals with individual economic units such as consumers, producers, firms, etc.	It deals with the economy as a whole.
It uses the method of partial equilibrium.	It uses the method of general equilibrium
Some of the important microeconomic variables are price, individual consumer demand, etc. wages, rent, profit, etc.	Some of the important macroeconomic variables are aggregate demand, aggregate supply, inflation, unemployment, etc.