InterviewSolution
Saved Bookmarks
InterviewSolution
| 1. |
Basic difference between micro economics and macro economics |
| Answer» \tMicroeconomicsMacroeconomicsIt is study of individual economic units of an economy.It is study of the economy as a whole and its aggregates.It deals with individual income, individual prices and individual outputs, etc.It deals with aggregates like national income, general price level and national output, etc.Its central problem is price determination and allocation of resources.Its central problem is determination of level of income and employment.Its main tools are demand and supply of particular commodity/factor.Its main tools are aggregate demand and aggregate supply of the economy as a whole.It helps to solve the central problem of ‘what, how and for whom to produce’ in the economy.It helps to solve the central problem of ‘full employment of resources in the economy.’\t\xa0 | |