Exaplain the independence between micro and macro economy by giving suitable example
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Below mentioned is the independence between micro and macro economy by giving suitable example -
Explanation:
Economics is divided into two categories:
- Microeconomics
- Macroeconomics
Difference between Micro and Macro economics -
- Microeconomics -
- Microeconomics studies individual economic units.
- Microeconomics primarily deals with individual income, output, price of goods, etc.
- Microeconomics focuses on overcoming issues concerning the allocation of resources and price discrimination.
- Macroeconomics -
- Macroeconomics studies a nation’s economy, as well as its various aggregates.
- Macroeconomics is the study of aggregates such as national output, income, as well as general price levels.
- Macroeconomics focuses on upholding issues like employment and national household income.
Examples of Micro and Macro economics are -
- Microeconomics -
- Price determination of a particular commodity.
- Consumer equilibrium.
- Output generated by an individual organization.
- Individual income and savings.
- Macroeconomics -
- National income and savings.
- General price level.
- Aggregated demand as well as supply.
- Poverty.
- Rate of unemployment.
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