MICROECONOMICS | MACROECONOMICS | As the term “micro” imply‚ microeconomics facilitates decisions of smaller business sectors.Micro Economics studies the problems of individual economic units such as a firm‚ an industry‚ a consumer etc.Micro Economic studies the problems of price determination‚ resource allocation etc.While formulating economic theories‚ Micro Economics assumes that other things remain constant.The main determinant of Micro Economics is price.Microeconomics is the study of decisions
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Micro Economics:- Microeconomics is a branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular‚ microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets (e.g. coffee
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Introduction Economics is the study that discusses how a society tries to solve the human problems of unlimited wants and scarce resources. This field of study is vast that it has been the subject of a great deal of writings. Economics is divided into Microeconomics and Macroeconomics. Macroeconomics deals with the overall economy‚ the aggregate demand and aggregate supply for all goods and services. The main concerns of Macroeconomics are the rate of inflation‚ unemployment and economic growth.
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“Economics has never been a science - and it is even less now than a few years ago.”…Paul Samuelson INTRODUCTION Economics is the social science that analyzes the production‚ distribution‚ and consumption of goods and services. A focus of the subject is how economic agents behave or interact and how economies work. A given economy is the result of a process that involves its technological evolution‚ history and social organization‚ as well as its geography‚ natural resource endowment‚ and ecology
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?Economics is a social science that mainly focuses on different fields of knowledge dealing with the proper distribution‚ allotment‚ production and consumption of resources. Economics has been divided into two significant branches; one of it being the microeconomics and the other one being the macroeconomics. Microeconomics can be easily understood through the term micro itself which means small‚ microeconomics focuses on small level that is to say it includes areas of individual decision making
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smaller or micro picture of economics at the individual‚ household and company level. Macroeconomics is the bigger picture of economics. It studies the aggregate or combined impact of certain consequences such as inflation‚ unemployment and economic growth that were the result of social decisions in both the public and private sectors. It examines whole economic systems and the interaction of the different areas such as inflation and unemployment. An example of a microeconomic
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Inequalities of social class‚ race‚ and ethnicity and gender effects the life chances on the macro and micro level. Inequalities that are inherited to the American way of life have caused enormous pain and suffering along with the social class‚ race and gender. People have been abused and held back from living and achieving life potential. It is sadly ironic that a country that was founded on liberty and freedom and would be so mired in the sludge of racism and bigotry. This sad condition
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or other orgs. Are considered are considered in isolation from the rest of the economy. • Macroeconomics – is concerned with the economy as a whole. An overall view of the economy and aggregate economic behavior is studied. Emphasis on topic such as total production‚ income and expenditure‚ economic growth‚ aggregate unemployment‚ inflation etc is studied. • The problem of economizing is essentially one of deciding how to make the best use of limited resources to satisfy unlimited want
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Although there are other branches of economic study‚ micro and macroeconomics are the most well-known. Over the years‚ both have become an increasingly common part of high school and college-level curriculums. Despite their popularity‚ however‚ the principles of these disciplines are frequently misunderstood or confused. While they share some of the same concepts and are interrelated in important ways‚ there is a fundamental difference between micro and macroeconomics. The simplest way to distinguish
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individual economic units of an economy whereas macroeconomics is the study of aggregates of an economy as a whole. For example‚ when we study of an individual sugar mill manufacturing sugar‚ our study is micro analysis but if we study the entire sugar manufacturing sector of the economy‚ our study is macro analysis. Also please note if we study the problem of production of a firm‚ our analysis is micro study but if we study the problems of production of the whole economy‚ our analysis is macro study
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