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Macro and microeconomics are the two vantage points fro which the economy is observed. Macroeconomics look at the total output of a nation and the way the nation allocates its limited resources of land, labor and capital in an attempt to maximize production levels and promote trade and growth for future generations...
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After observing the society as a whole, Adam Smith noted that there was turning the wheels of the economy: a market force that keeps the economy functioning.
Microeconomics looks into similar issues, but on the level of the individual people and firms within the economy. It tends to be more scientific in its approach, and studies the parts that make up the whole economy...
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