"The micro aspects of economics, concerning the decision-making of individuals. Microeconomics analyses the choices of consumers (who can be individuals or households) and firms in a variety of market situations. Its aim is to explore how choices should be made, and to provide an explanation of choices that are made. Microeconomics also considers economies composed of individual decision-makers, and studies the existence and properties of economic equilibrium. The effect of government choices upon consumers and firms is also analysed, with the aim of understanding economic policy." - Hashimzade, N., Myles, G., & Black, J. (2017). microeconomics. In A Dictionary of Economics. : Oxford University Press.

"The macro aspects of economics, concerning the determination of aggregate quantities in the economy. Macroeconomics considers what determines total employment and production, consumption, investment in raising productive capacity, and how much a country imports and exports. It also asks what causes booms and slumps in the short run, and what determines the long-term growth rate of the economy, the general level of prices, and the rate of inflation. Macroeconomics considers how these matters can and should be influenced by government through monetary and fiscal policies. It is contrasted with microeconomics, which is concerned with disaggregated quantities, such as the incentives operating on individuals and firms in the economy, the organization of production, and the distribution of incomes. The emphasis on building macroeconomic models on the basis of microeconomic foundations has led to an amalgamation of the two in many instances." - Hashimzade, N., Myles, G., & Black, J. (2017). macroeconomics. In A Dictionary of Economics. : Oxford University Press.