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Microeconomics analyzes individual and small-scale economic behavior and decision-making. It studies individual consumers, producers, and markets for specific goods and services. Macroeconomics, on the other hand, looks at aggregate economic indicators such as GDP, unemployment, and inflation at a national or global level. The terms microeconomics and macroeconomics were coined in 1933 and refer respectively to small-scale and large-scale economics analysis.

Author

Ehsan Sarparah

Language

EN