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How to accurately apply micro and macro economics in a national and local context?
Wiki User
∙ 11y ago
- Macro economics means big firms and is the study of the economy at large.
- micro means small firms and business markets.
Wiki User
∙ 11y ago
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How do you apply economics in household?
How do you apply Economics in your household?
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How can you apply economics im your daily allowance?
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The main difference is that micro-economists are wrong about specific things, while macro-economists are wrong about things in general. The differences in the natures of macro and micro Economics help understand the difficulty of their being understood. Macro economics is about the management of the economy of a country or state or region or city. Micro economics is about the management of households, companies and industries. The rules that apply to the first do not always apply to the second and vice versa. Margaret Thatcher once said that any housewife who can manage the family budget could also manage the national economy. She was utterly wrong for one main reason: the national budget does not have to balance. Governments can spend more than they receive in taxes and other revenues because they can borrow and they can defer payments by a wide range of means - which households and companies can't. Therefore, the theories and principles behind micro economics do not or need not apply to macro economics. The former is concerned with balance and prudence and small-scale planning. The latter is about managing the imbalance, taking risks and making long term plans that require ignoring immediate problems or benefits.
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