Question

give any three differences of micro and macro economics points wise

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Answer 1

Answer:

Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms.

Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.

micro-macro-economics

Micro economics involves

Supply and demand in individual markets.

Individual consumer behaviour. e.g. Consumer choice theory

Individual labour markets – e.g. demand for labour, wage determination.

Externalities arising from production and consumption. e.g. Externalities

Macro economics involves

Monetary / fiscal policy. e.g. what effect does interest rates have on the whole economy?

Reasons for inflation and unemployment.

Economic growth

International trade and globalisation

Reasons for differences in living standards and economic growth between countries.

Government borrowing

Explanation:

Answer 2

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Microeconomics primarily deals with individual income, output, price of goods, etc. Macroeconomics is the study of aggregates such as national output, income, as well as general price levels. Microeconomics accounts for factors like demand and supply of a particular commodity.

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