Micro and Macro economics, both are absolutely vital and a person is only half educated it he understand the one, while being ignorant of the other.Read More »Economics : Difference Between Micro and Macro
The word macro means big. Thus, in Macro Economics, either the whole economy is studied or those big units which are related to the economy as a whole.
In the words of Prof. Boulding
Macro Economics deals not with individual quantities as such but aggregates of these quantities, not with individual incomes but national income, not with individual output but with national output.
Thus, macro economics studies the various groups related to the whole economy, like, national savings, national income, national consumption, total employment, total production, etc..
Read More »Macro Economics – Importance, Limitations and Difficulties