different between microeconomics and macroeconomics
Answers
Answer:
Microeconomics studies individuals and business decisions, while macroeconomics analyzes the decisions made by countries and governments. Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach.
Explanation:
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Answer:
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Meaning
Microeconomics studies the particular market segment of the economy.
Macroeconomics studies the whole economy, that covers several market segments
Deals with
Microeconomics deals with various issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, etc.
Macroeconomics deals with various issues like national income, distribution, employment, general price level, money, etc.
Business Application
Applied to internal issues
Environment and external issues
Scope
Covers several issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, etc.
Covers several issues like distribution, national income, employment, money, general price level, etc.
Significance
Useful in regulating the prices of a product alongside the prices of factors of production (labour, land, entrepreneur, capital, etc) within the economy
Perpetuates firmness in the broad price level and solves the major issues of the economy like deflation, inflation, rising prices (reflation), unemployment and poverty as a whole
Limitations
It is based on impractical presuppositions, i.e., in microeconomics, it is presumed that there is full employment in the community, which is not at all feasible It has been scrutinized that Misconception of Composition’ incorporates, which sometimes fails to prove accurate because it is feasible that what is true for aggregate (comprehensive) may not be true for individuals too
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