Micro- and macroeconomics are very closely related; a change in one will inevitably affect the other. Business students in an online BBA program who are interested in understanding these important economic concepts can benefit from economics courses in both micro- and macroeconomics.
Microeconomics
The prefix “micro” means “small,” so microeconomics is the study of small economic units. These include fundamental economic ideas like supply and demand, product pricing and taxation. These ideas add up to create a big picture of a country’s economic state.
The idea of supply and demand is the underlying structure of microeconomics, according to Arnold Harberger in The Library of Economics and Liberty. Students in economics courses study supply and demand by performing real-world analyses of consumer need and commercial production.
Macroeconomics
Macroeconomics refers to the big picture of economics, as indicated by the prefix “macro,” which means “large.” Rather than focusing on individual actions and markets, macroeconomics describes entire industries as well as national and global economies. Examples include a nation’s Gross Domestic Product (GDP), growth rate, unemployment rate, interest rate and other factors.
An important aspect of macroeconomics is the relationship between domestic and global economies. The study of macroeconomics is concerned not only with what is happening in a specific region or a country but also the larger global market.
Courses in Both Areas
The core curriculum of an online BBA program includes coursework in micro- and macroeconomics. In most cases, students will take economics courses in each of these subjects, during which they will learn economic analysis through case studies and examples.
Courses in microeconomics may include an introduction to economic principles such as distribution, resource allocation, production and pricing. Students also generally learn about managerial economics.
Courses in macroeconomics may look at monetary theory. Students will get a chance to dive into discussions about trade and economic issues both domestic and international. Students will also likely study public finance, national income analysis, fluctuation and growth.
Learn more about the Lamar University online BBA in Management degree program.
Sources:
ThoughtCo.: Microeconomics vs. Macroeconomics
Business Dictionary: Macroeconomics vs. Microeconomics
Library of Economics and Liberty
