Show the difference between microeconomics and macroeconomics.
Micro-economics
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Macroeconomics
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(i) The branch of
economics that studies the behavior of an individual consumer, firm family is
known as microeconomics.
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(i) The branch of
economics that studies the behavior of the whole economic is known as
Macroeconomics.
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(ii) Micro
economics deals with individual part of the different values.
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(ii)
Macroeconomics deal with different economic variable in aggregate scenes.
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(iii) It deals
with equilibrium of a single market that is partial equilibrium.
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(iii) it related
with interrelated equilibrium.
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(iv) It is narrow
in scope and interpret the small constitutes of the entire economy.
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(iv) It has a
wide scope and interprets the economy of a country as a whole.
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(v) It helps in
developing policies appropriate resource distribution at firm level.
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(v) It helps in
developing policies appropriate resource distribution at economy level such
as inflation, unemployment level etc.
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(vi) It is known
as price theory.
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(vi) It is known
as income theory.
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(vii) It is
applied to operational or internal issues.
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(vii) It is
applied to environment and external issues.
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(viii) It does
not consider socioeconomic factor.
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(viii) It
consider different socioeconomic factor.
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(ix) Example:
Individual Demand, price of a product etc.
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(ix) It consider
different socioeconomic factor.
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