A classic microeconomics topic is the study of how a single market changes due to monopoly. Microeconomics would include the study of supply and demand for a particular product, or examination of how a particular piece of legislation would affect an individual business in that area. Macroeconomics, on the other hand, looks at entire markets or economies of countries or the world. Microeconomics is the study of economic systems on a small scale how economic theories play out when they are applied to an individual, a group, or a company. What's the difference between macroeconomics and microeconomics?īefore making any decisions about which classes to take, you need to understand what each subject refers to. That's why we're going to give you a little run down of each, to help you make the most informed decision possible.

Having just started out, this can be a tough question to answer. It is also likely, however, that you will have to choose which to take first, prompting the question: which is the best theoretical starting point for your studies? It's highly likely that you'll study both at some point during your degree, as they are two of the foundational planks of the subject. When you're just beginning your economics degree, you'll quickly come across two very important branches – microeconomics and macroeconomics.

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