ACCT12-200 Chapter 1: Difference_between_micro_and_micro_factors_of_developing_and_under_developed_countries
Document Summary
Economy: the state of a country or region in terms of the production and consumption of goods and services and the supply of money. Micro economics: microeconomics is the branch of economics that is mainly focused on the actions of individual agents, such as firms and consumers, and how their behavior determines prices and quantities in specific markets. One of the goals of microeconomics is to analyze market mechanisms that establish relative prices among goods and services and the allocation of limited resources among many alternative uses. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty, and economic applications of game theory. Macro economics: macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, as opposed to individual markets. Difference in micro and macro economics: the difference between micro and macroeconomics is simple.
