the specific meanings of the term micro and micro in economics?

Micro deals at the individual and firm level. The key concepts are utility, efficiency, profit maximisation, competition, externalities and general equilibrium (game theory included).

Macro deals with the aggregate level. Key concepts and areas are International trade, Growth models, Government policies (different theories like Monetarist, Keynesian, Classical etc) as well as Fiscal and Monetary policies.

your person definition of macro economics does not license the government to spend extra funds than it has, or is projected to ever have. The Keynesian argument is that the government (Macro) could make funds attainable by skill of manipulating securities. properly, isn't that what have been given us into the mess we are in now? The Keynesian argument additionally held that the cost of interest replaced into basically a economic phenomenon - and one in addition to indifferent from the genuine aspects of thrift and the productiveness of capital to which the neoclassical ideas had appropriate it This place further implied that the cost of interest might desire to now not be invoked because of the fact the soft mechanism for equilibrating meant saving and meant investment. it rather is precisely the conundrum we are in now. we attempt to forecast an economic device with man made expenditures of interest. Keynes is broadly ordinary? LOL. extremely now, after being dealt with to the Keynes technique by skill of Fannie, Freddie, Indy, Barney Frank, Frank Raines, Maxine Waters, Chris Dodd etal, Keynes is invoked as a pejorative incredibly than a valid economic technique. give up kidding your self.

Micro actually means takin account of everything individually while macro means seeing d total sum effect of a process or lk whatever....