1.What is economics? How Microeconomics and Macroeconomics are different?

Defining Economics 
Economics analyzes human behaviour scientifically. It explores the economic interactions between consumers and producers. Economics evolves continuously as current observations and experience provide new evidence about economic behaviour and relationships. Economics examines how people choose among the alternatives available to them. It is social because it involves people and their behaviour. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices.Adam Smith, who is regarded as Father of Economics. He defined economics as “a science which inquires into the nature and cause of wealth of nations”. • He emphasized the production and growth of wealth as the subject matter of economics.
1.Meaning:
Microeconomics is the branch of Economics that is related to the study of individual, household and firm’s behaviour in decision making and allocation of the resources. It comprises markets of goods and services and deals with economic issues. Macroeconomics is the branch of Economics that deals with the study of the behaviour and performance of the economy in total. The most important factors studied in macroeconomics involve gross domestic product (GDP),unemployment, inflation and growth rate etc.
2.Area of Study:
Microeconomics studies the particular market segment of the economy on the other hand, Macroeconomics studies the whole economy, that covers several market segments
3.Dealings:
Microeconomics deals with various issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more.
Macroeconomics deals with various issues like national income, distribution, employment, general, price level, money, and more.
4.Business Application:
Micro economics is applied to internal issues. Macroeconomics is applied to environmental and external issues.
5.Significance:
It is useful in regulating the prices of a product alongside the prices of factors of production (labour, land, entrepreneur, capital, and more) within the economy.                                              
It perpetuates firmness in the broad price level, and solves the major issues of the economy like deflation, inflation, rising prices (reflation), unemployment, and poverty as a whole.
6.Limitation:
It is based on impractical presuppositions, i.e., in microeconomics, it is presumed that there is full employment in the community, which is not at all feasible. It has been scrutinised that the misconception of composition’ incorporates, which sometimes fails to prove accurate because it is feasible that what is true for aggregate (comprehensive) may not be true for individuals as well.