Islamic economic system: from principles to microeconomics and macroeconomics fields (21)

The authors write:

Before, we get the answer, let we look the current thinking about those fields.

Currently, the primary textbook could easily make a distinction between:

ü microeconomics ("small" economics);

ü and macroeconomics ("big" economics).

Microeconomics - which examines the economic behavior of agents (including individuals and firms).

Macroeconomics - addressing issues of:

-      unemployment;

-      inflation;

-      monetary and fiscal policy and etc.

for an entire economy.

However, the free encyclopedia (or in short Wikipedia) defines both microeconomics and macroeconomics as follow:

Microeconomics looks at interactions through individual markets, given scarcity and government regulation.

Used from paper of Abdul Ghafar Ismail and  Noraziah Che Arshad