Difference between macroeconomics and microeconomics

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Q. The news headlines during late 2012 and early 2013 were predominantly encompassed by the numerous deliberations between the President of the United States of America and the United States congress regarding how to deal with the economic situations in front of the USA. The unremitting debates concentrated on situations which included the USA's fiscal cliff, debt ceiling and the continuing Resolution for the Federal Government. Thus, while referring these economic situations and the economic principles and terminology describes in the textbook (foundation of Macroeconomics) , explain the difference between Macroeconomics and Microeconomics. Also explain how economics is used as a social science and as a policy tool.

Reference no: EM137004

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