Differentiate between microeconomics and macroeconomics. Also, substantiate with relevant examples.

Microeconomics and macroeconomics are two fundamental branches of economics, each focusing on different aspects of economic activity.

Microeconomics examines individual agents, such as households and firms, and their interactions in specific markets. Key concepts include:

- Supply and Demand: Analyzing how prices are determined in individual markets.

- Consumer Behavior: Understanding how consumers make choices based on preferences and budget constraints.

For example, studying the pricing strategy of a local coffee shop illustrates microeconomic principles.

Macroeconomics, on the other hand, looks at the economy as a whole. It addresses aggregate phenomena and broader economic indicators. Key concepts include:

- Gross Domestic Product (GDP): Measuring a country's economic performance.

- Inflation and Unemployment Rates: Assessing overall economic health.

For instance, analyzing the impact of fiscal policy on national unemployment rates exemplifies macroeconomic analysis.

In summary, microeconomics focuses on individual markets, while macroeconomics addresses the economy's overall performance.