Principles of Macroeconomics / Unit 1 MAC 0008 short lesson, about 20 seconds
Microeconomics and Macroeconomics
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The idea
Microeconomics studies individual agents: households, workers and firms. Macroeconomics studies the economy whole: production, unemployment, inflation, deficits, exports and imports.
In practice
One biologist studies a single fish species; another studies the whole lake. Both describe the same water.
Where people slip
They are not rivals. Firms hire more when the whole economy grows, and the macroeconomy is the sum of millions of micro decisions.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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