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Difference between macro and micro economics

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Difference between macro and micro economics

    • Posted by Rishi Yadav 5 years, 9 months ago

    CBSE > Class 12 > अर्थशास्त्र
    • 1 answers

    Yogita Ingle 5 years, 9 months ago

    <th>Basis for Comparison</th> <th>Microeconomics</th> <th>Macroeconomics</th>
    Meaning The branch of economics that studies the behavior of an individual consumer, firm, family is known as Microeconomics. The branch of economics that studies the behavior of the whole economy, (both national and international) is known as Macroeconomics.
    Deals with Individual economic variables Aggregate economic variables
    Business Application Applied to operational or internal issues Environment and external issues
    Scope Covers various issues like demand, supply, product pricing, factor pricing, production, consumption, economic welfare, etc. Covers various issues like, national income, general price level, distribution, employment, money etc.
    Importance Helpful in determining the prices of a product along with the prices of factors of production (land, labor, capital, entrepreneur etc.) within the economy. Maintains stability in the general price level and resolves the major problems of the economy like inflation, deflation, reflation, unemployment and poverty as a whole.
    Limitations It is based on unrealistic assumptions, i.e. In microeconomics it is assumed that there is a full employment in the society which is not at all possible. It has been analyzed that 'Fallacy of Composition'

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