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What is microeconomisc and macroeconomics

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What is microeconomisc and macroeconomics

Posted by Karan Gupta 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 6 years, 2 months ago

Differences between microeconomics and macroeconomics are given below

Basis	Microeconomics	Macroeconomics
Meaning	Microeconomics studies economic issues and problems at the level of an individual firm, an individual household etc.	Macroeconomics studies economic issues and problems at the level of the economy as a whole.
Tools	Demand and supply	Aggregate demand and aggregate supply
Concern	It is basically concerned with the determination of output and price for an individual firm or industry.	It is basically concerned with the determination of aggregate output and general price level in the economy as a whole.
Focus	Its focus is on the maximization of individual's gain.	Its focus is on the maximization of social welfare.
Scope	It has a narrow scope, i.e. an individual person, an individual market etc.	It has a very wide scope, i.e. a country.
Other name	It is also known as Price Theory	It is also known as Income and Employment Theory.
Examples	Individual income, individual output.	National income, national output.

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