The basic difference between macroeconomics and microeconomics is:
A) microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade.
B) microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms.
C) microeconomics concentrates on the behavior of individual consumers, firms, and industries while macroeconomics focuses on the performance of the entire economy.
D) microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.

Question

Quizplus · Accepted Answer

Microeconomics studies the behavior of individual consumers, firms, and industries, while macroeconomics looks at the overall performance of the entire economy, including factors such as inflation, unemployment, and international trade. While microeconomics does look at individual markets, it does not focus solely on them, and macroeconomics covers much more than just international trade. Neither microeconomics nor macroeconomics focuses exclusively on consumer behavior or firm behavior. Finally, while macroeconomics does examine the causes of unemployment, it also looks at inflation and a range of other factors.

The Basic Difference Between Macroeconomics and Microeconomics Is