Microeconomics:
Microeconomics deals with "smaller" issues - consumer behavior, market behavior, costs of a business, competition among firms, and imperfections in markets (called market failure) and how we can respond to such failures. It also discusses particular markets, like the labor market, and issues such as the distribution on income and wealth in an economy, as well as public policies such as environmental concerns, poverty, and corporate mergers.
Macroeconomics:
Macroeconomics deals with "larger" issues, such as inflation, unemployment, economic growth, and the measurement of these topics. It then discusses alternative views on how the economy operates, and what policies are best suited for different economic circumstances.
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