The subject matter of economics has been studied under two broad branches - Microeconomics and Macroeconomics.
Microeconomics: The term 'micro' has been derived from the Greek word 'mikros', which means 'small'. Therefore, Microeconomics is that part of the economic theory which studies the behaviour of individual units of an economy.
For example: individual income, individual output etc.
Macroeconomics: The term 'macro' has been derived from the Greek word 'makros', which means 'large'. Therefore, Macroeconomics is that part of the economic theory which studies the behaviour of aggregates of an economy as a whole.
For example, National income, National output etc.
