SELECT * FROM question_mgmt as q WHERE id=5360 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=59 AND chapterId=602 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th macro-economics Introduction to Macro Economics what is the difference between microeconomics and

Question:

What is the difference between microeconomics and macroeconomics?

Answer:

The difference between microeconomics and macroeconomics are:

Point of Difference Microeconomics Macroeconomics
Definition It is a branch of economics that studies the Economic variables at an individual level like the households, the firms, the consumer etc. It is a branch of economics that studies the economics variables of an economy as a Whole.
Deals with It deals with how consumer or the
producers make decisions depending on
their given budget and other variables.		 It deals with how different economics sectors like households, industries and other government and foreign sectors make their decisions.
Method The method of partial equilibrium (i.e. equilibrium is one market) is used. The method of general equilibrium (i.e. equilibrium in all the markets, simultaneously) is used.
Variables The major variables involved are prices, consumers demand, wages, rent, profit, firms, revenue, cost etc. The major variables involved are aggregate demand, aggregate supply, inflation, unemployment, poverty, etc.
Theories

Various theories studied are:

1. Theory of consumers behaviour and demand
2. Theory of producers behaviour and supply
3. Theory of prices determination under different market conditions

 Various theories studied are
1. Theory of national income
2. Theory of money
3. Theory of general price level
4. Theory of employment
5. Theory of international trade
Popularised by Alfred Marshal Keynes

 


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