I have a project to do for school at macroeconomy and I want to know if it's correct to talk about the unemployment rate of a county(if this is micro or macro economy).
2 Answers
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Macroeconomics. Microeconomics studies the decision makings of individual agents (a consumer, a household, a company, etc.).
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As the previous answer correctly states it is macroeconomics. Just let me add more detail.
Microeconomics, studies the decision making of individual agents in one market at a time.
In macroeconomics we also study behavior of agents (e.g. representative consumer, firm etc) but we do it across multiple markets.
If you would study only employment at a market for fast food workers that would be microeconomics. However, when you do that for a country as a whole (which counts unemployment in all formal markets) then you are doing macro.
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$\begingroup$ "decision making of individual agents in one market at a time" seems overly restrictive, as it would exclude general equilibrium theory from microeconomics. $\endgroup$– VARulleFeb 15 at 10:17
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$\begingroup$ @VARulle well it is the definition you will find in standard textbooks such as Mankiw macro. In addition tot extbooks it is the definition lets say IMF and other economic organization use: imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/…. I know that AEA JEL codes classify general equilibrium models as micro, but I believe that is because of all the micro-foundations that make it esentialy micro model even if technically under textbook definition it would be macro $\endgroup$– 1muflon1 ♦Feb 15 at 23:37