Q.Distinguish between Microeconomics and Macroeconomics.

Microeconomics and macroeconomics look at the economy at two different levels of magnification.

The terms come from the Greek mikros (small) and makros (large), introduced by Ragnar Frisch in 1933. Microeconomics studies the behaviour of individual units — a single consumer, household, firm or industry — focusing on how the price of a single good or factor is determined; it is therefore called Price Theory, and covers demand, supply, consumer behaviour, production, cost and market forms. Macroeconomics studies the economy as a whole in terms of aggregates — national income, the general price level, aggregate demand and supply, and total employment; it is called Income Theory or Aggregate Economics, and grew rapidly after Keynes' General Theory (1936) following the Great Depression. The two differ in their unit of study (individual vs whole economy), their main tools (individual demand-supply vs aggregate demand-supply), and their central problem (price determination vs income/employment determination) — but they are complementary, not competing, since a full picture of any economy needs both levels of analysis.

Students often state only the definitions without giving concrete points of difference (unit of study, tools used, central problem) that examiners expect in tabular form.