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Question:

Distinguish between microeconomics and macroeconomics.

Answer:

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:

  • Theory of Consumer’s Behaviour and Demand
  • Theory of Producers Behaviour and Supply
  • Theory of Price Determination under Different Market Conditions.

Various theories studied are:

  • Theory of National Income
  • Theory of Money
  • Theory of General Price Level
  • Theory of Employment
  • Theory of International Trade


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  • Answered by Ekta Mehta
  • 4 months ago

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