Always do micro before macro. Once you get into graduate level courses, however. they branch off further into their respective theories and idiosynchrasies, and the order becomes less relevent.
What are the uses of microeconomics?
Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.
What is the limitation of microeconomics?
Microeconomics explains only small individual units of economic activity. This is a partial and incomplete analysis. For the national economic analysis, aggregate income and output, aggregate production and expenditure show the economic level of country….
What is the limitation of macroeconomics?
Limitations of Macroeconomics Considers Aggregates as Homogenous: The individual data may not be similar in structure or composition. Thus, when such single figures are compiled to get an aggregate value, it may not seem to be that useful….
What is the difference between macro and microeconomics?
Microeconomics is the study of particular markets, and segments of the economy. Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation….
What is nature of microeconomics?
Nature of Microeconomics Study of the economic behavior of individual units of an economy (such as a person, household, firm, or industry) Microeconomics is primarily concerned with the factors that affect: Individual economic choices, The effect of changes in these factors on the individual decision makers, …
What are microeconomic impacts?
Government policy has microeconomic effects whenever its implementation alters the inputs and incentives for individual economic decisions….
How is the nature of macroeconomics?
Nature of Macroeconomics Macroeconomics is basically known as theory of income. It is concerned with the problems of economic fluctuations, unemployment, inflation or deflation and economic growth. It deals with the aggregates of all quantities not with individual price levels or outputs but with national output.