Should I Take Macro or Microeconomics PDF

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If you're majoring in economics, it would probably be wise (if not already required) to take both macro- and microeconomics. For those who aren't pursuing an economics degree, however, you're probably wondering what the difference is between the two and how one might benefit you more than the other....

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Shoul dITakeMacr oorMi cr oeconomi cs? As a field of study, economics has a diverse number of applications. It is a degree that can be applied in the corporate world as easily as it can be in a non-profit or government job. The question is: what type of economics do you want to study, and what do you want to do with this knowledge? If you're majoring in economics, it would probably be wise (if not already required) to take both macro- and microeconomics. For those who aren't pursuing an economics degree, however, you're probably wondering what the difference is between the two and how one might benefit you more than the other.

Macroeconomics Macroeconomics is a field that views economic issues, like interest rates or poverty, through a wide lens. Rather than considering the influence or economic performance of individuals or small groups, this sub-field considers the role of the economy on a national or global scale. For example, someone who specializes in macroeconomics might work for the government analyzing policies on global trade, exchange rates, or some other large-scale research study. If you're wondering whether or not this is the right course for you, consider your interests and objectives. If you're a business major, for example, macroeconomics can be a great way to develop your understanding of concepts like inflation, economic growth, and global business trends. Moreover, because it often involves metaanalysis, macroeconomics involves a lot of abstract theory that is used to address big questions and issues, rather than individual people and their lives.

Microeconomics Unlike the broad scope of macroeconomics, microeconomics addresses the individual and small group influences on an economic system. For example, if you were a specialist in this field, you might work with state or city governments to evaluate their tax policies or how to improve their business climate. Additionally, microeconomics

can be applied to assess or solve social justice issues, such as access to housing or rates of statewide poverty. While both sub-fields involve a considerable amount of research, microeconomics focuses more on how people and their behaviors influence systems, which can involve a lot of qualitative interviewing and data analysis. Additionally, this area can be considerably more interdisciplinary than macroeconomics, crossing into fields like sociology, history, or political science on a regular basis. Fundamentally, both areas are looking at economic systems and the factors and influences that affect those systems. The major difference, however, is their scale: one takes a top-down approach, while the other gets in for a much closer look at the nuances and individual influences.

Decision time Now that you know the difference between the two sub-fields, you're hopefully in a better position to determine which will be best for you. Ultimately, the decision is yours to make, but it's worth considering what you want to do with the knowledge that you gain from taking the class. If you're a political science major, for example, either one could be appropriate. For students pursuing a social work degree, on the other hand, microeconomics can be a great way to gain a better-developed understanding of the factors that contribute to poverty, wage inequality, or some other issue that impacts people on an individual level. Either course can provide you with a basic understanding of key concepts and themes of economics, but they will diverge once these concepts are applied to the real world....