Question

Is not included in the scope of macro economics

Answer 1

Introduction

Economics is a subject that deals with every situation that’s happening in the whole world. This subject finds its use at many stances in our lives. For example, Your mother does all the work at your home. From doing all the household chores, keeping a budget for the rations to fulfilling all your needs. Thus, it is one subject that deals in our day to day working of our life. The same subject has two broad categories – microeconomics and macroeconomics. The former deals with the individual units of an economy like the consumer or a household. But, the latter deals with an economy as a whole. It deals with studies of national income and output. The understanding of this science is vast and at different lengths. But for the sake of simplicity, this article will only focus on the scope of Macroeconomics and its need. Let us look into the scope of Macroeconomics and Microeconomics.