Microeconomics focuses on the behavior of individual consumers and producers and examines economies on a small scale. It deals with individual decisions of economic units like households and firms and how their choices impact prices. Macroeconomics examines overall economies on a regional, national, or international scale and studies the relationship between broad economic aggregates like GDP, inflation, employment, and money supply. The two main branches of economics are microeconomics and macroeconomics.

1. Name Pardeep
Types of Economic Systems

2. Micro economics
• Two major types of economics are
• microeconomics,
• Macro economics
Micro economics
• which focuses on the behavior of individual consumers and
producers,

3. Macro economics
• macroeconomics, which examines overall economies on a regional,
national, or international scale.

4. BRANCHES OF ECONOMICS
• :Following are the main two branches of economics:
• 1. Micro-economics: Micro-economics is the Branch of economics which
deals with the individual decisions of units of the economy i.e. firms,
households, and how their choices determine relative prices of goods and
factors of production.

5. Macro economics
• Macro-economics: It is a branch of economics that study the relationship
among the broad economic aggregates like national income, national output,
bank deposits, total volume of savings, investment, consumption, general
price level of commodities, government spending, inflation, recession,
employment, and money supply. Thus the overall study of the country is
studied in macro-economics.

6. Difference micro and macro
Micro economics difference
• Supply and demand for goods in different marketplaces.
• Consumer behavior, as an individual or as a group.
• Demand for service and labour, including individual labour markets, demand, and
determinants like the wage of an employee.
•
• One of the main features of microeconomics is it focuses on casual situations
when a marketplace experiences certain changes in the existing conditions. It
takes a bottom-up approach to analyse the economy.

7. Macro economics
• Market demand and supply (For example Textile)
• Consumer Behavior ( for example Consumer Choice Theory)
• Producers are driven by individual preferences.
• Market-specific labor markets ( For example demand labor wage
determination in specific markets).