Microeconomics studies studies individual units, like individual people, families or businesses. Macroeconomics studies economic aggregates.
Microeconomic variables are those patterns or elements that can be used to describe the behavior of a person or an individual economic unit, like a business. A variable is a magnitude that may have different values in different periods of time. Variables are measurements that help to understand the behavior of economic units or the behavior of the economy as whole.
Examples of microeconomic variables:
- Price: the...