Micro Vs Macro Economics Assignment Help | Micro Vs Macro Economics Homework Help



Micro and macro-economics are interdependent. Neither of the two is complete without the other. Few instances will make this clear. Demand of the product for a firm or an industry depends upon the total employment, income and demand of the entire country for this product. Further, the wage of a firm is related to and depends upon wages of other firms in the industry. Therefore, every price, wage and income depends in some ways or the other, upon the prices of all other products, wages of all workers and incomes of all other individuals in the country respectively. Prosperity and well-being of individual economic units can be ensured only if the performance of the whole economy is excellent. Thus, every micro-economic problem involves macro economic analysis.
Similarly, every macro-economic problem requires micro-economic analysis for its proper understanding. Just as individuals collectively make up a country, many firms constitute industry and many industries make an economy; a country or an economy consists of individuals, firms and industries. The working of an economic system can be appreciated by studying the behaviour of individuals, firms, industries and so on (i.e., the components of an economy).

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