Distinguish between microeconomics and macroeconomics.
| Point of Difference | Microeconomics | Macroeconomics |
|---|---|---|
| Study Matters | It studies about individual economic units like households, firms, consumers, etc. | It studies about an economy as a whole. |
| Deals with | It deals with how consumers or producers make their decisions depending on their given budget and other variables. | It deals with how different economic sectors such as households, industries, government and foreign sectors make their decisions. |
| Method | The major microeconomic variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc. | The major macroeconomic variables are aggregate price, aggregate demand, aggregate supply, inflation, unemployment, etc. |
| Variables | The major microeconomic variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc. | The major macroeconomic variables are aggregate price, aggregate demand, aggregate supply, inflation, unemployment, etc. |
| Theories |
Various theories studied are:
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Various theories studied are:
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NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
Welcome to the NCERT Solutions for Class 12 Micro Economics - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 8: Distinguish between microeconomics and macroeconomics.....
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