MAcroeconomics and MIcroeconomics

The study of economics is divided into two major sub fields of Macroeconomics and Microeconomics. Macroeconomics focuses on the concepts, measurements, and institutions that relate to the overall behavior and performance of the economy of a country (or a state or a city).Microeconomics, on the other hand deals with concepts, measurements, and institutions that deal with the concepts, measurements, and institutions that relate to the individual units' behavior and performance in the economy. In some colleges or universities the course number for Macroeconomics is Econ1, Econ001, Econ101, etc. while the course number for Microeconomics is Econ2, Econ002, Econ102, etc. In other colleges and universities, the course numbering may be the opposite. Econ1, Econ001, or Econ 101 may be used for Microeconomics and Econ2, or Econ002, or Econ102 may be used for macroeconomics. It is just a matter of the preferences of the instructor that develops the course or the respective university. When you are looking at economics courses for transfer purposes you need to pay attention to the description and the content of the course instead of the course number. I have already mentioned the descriptions above and I am providing the content of typical macroeconomics and microeconomics courses below to help you determine which course you want or need to take.

Macroeconomics typically covers:

-Basics of market supply and demand

-Total production and income in an economy (GDP and National income)

-Overall unemployment rates or inflation rates, the amount of money available in the economy

-Structure and behavior of the banking system and the central bank

-Ups and downs of an economy

-Aggregate demand, aggregate supply, and macro equilibrium

-Keynesian economics

-Taxation and government spending

-International trade and foreign exchange policies

-Overall well being of the members of the society

Microeconomics typically covers:

-Basics of supply and demand

-People's motives and decision making process with regard to purchases, saving, work and leisure

-Consumer behavior and individual demand

-Elasticity of demand and supply

-Production and cost of production

-Business firms' structure, motives, and decision process with regard to production and pricing of their products

-Operation of a market system, prices, and competition as it applies to consumers, businesses, and owners of resources

-Behavior of members of specific sectors or industries like the agriculture, manufacturing, energy, the stock market, or service sectors of the economy.

-Demand for resources (labor, land and capital markets)

-Behavior of consumers and businesses with respect to the environment and the consequences

-Motives and consequences for consumers and businesses with respect to international trade

-Motives and behavior of the government as a major operator and decision maker in the economy

It may have already occurred to you that the macroeconomics issues and microeconomic issues interact and affect each other. Separating them to macro and micro is just to divide the task of studying the topics to more manageable and focused segments. Obviously to understand and fully appreciate the working of an economy requires addressing both macroeconomics and microeconomics aspects in conjunction with each other.