Answer :

Economics has two major branches microeconomics and macroeconomics

The branch of economics which deals with behaviour of individual economic unit like individual firm or a consumer or demand for a commodity is microeconomics.

The branch of economics which deals with the behaviour of economy as a whole is macroeconomics like study of national income aggregate consumption extra.

Both the branches microeconomics and macroeconomics are interrelated and complementary to each other. Every microeconomic problem involves macroeconomic analysis and every macroeconomic problem requires microeconomic analysis yet there are certain differences between them –

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