Microeconomics And Macroeconomics Of Microeconomics

1565 Words Aug 21st, 2015 7 Pages
Abstract
Economics is an enormous field. The term economics is the broader term, however within this, there are additional fields such as microeconomics and macroeconomics. The difference between microeconomics and macroeconomics is analogous to the human body and the individual cell that makes up the human body. Macroeconomics is involved with the wide lens aspect of society. In other words, macroeconomics focuses on the broader large scale economy of a society. Macroeconomics focuses on larger economic issues such as national employment rates, gross domestic product, interest rates, as well as currency exchange rates just to name a few examples. On the other hand, microeconomics focuses more on the narrower lens of an economy. This approach focuses on the individual businesses and customers as far as economic decisions are concerned. Specifically, microeconomics studies the decision making process of the consumer. Microeconomics ask the question, how do consumers spend their money? According to Investopedia (find source), microeconomics is at the heart of consumer purchasing.
The Use of Utility in Microeconomics

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Economics is a fascinating topic within our world. Pause and take a minute to look around. Assuming you are not on a deserted island, everything you see is influenced by economics. The clothes you wear, the food you eat, the electricity you are using, are all influenced by economics. Our world is so greatly influenced by…
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