Key Differences Between Microeconomics and Macroeconomics

1. What They Mean:

   • Microeconomics studies how individual people and businesses make choices.
   • Macroeconomics looks at the entire economy. It focuses on big ideas like inflation (how prices go up) and unemployment (how many people don’t have jobs).

2. What They Focus On:

   • Microeconomics focuses on things like how much of a product people want to buy and how much is available.
   • Macroeconomics studies bigger things like a country’s overall income. One way to measure this is through GDP, which stands for Gross Domestic Product.

3. Some Numbers:

   • In 2021, Sweden’s GDP was about $607 billion.
   • In 2020, the unemployment rate in Sweden was around 8.9%.

By understanding microeconomics and macroeconomics, we can see how small choices and big trends affect our lives!