Question 20 of 33
Q.Distinguish between (limit your answer to 50 words) : Micro-economics and Macro-economics.
ChseodishaCHSE Odisha Plus Two (Class 12) Commerce Board 2019Subjective· 3mImportance★★★★★est
61% · 20/33 Questions
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Start your 14-day free trial to unlock the full solution →Micro-economics studies individual units; macro-economics studies the economy as a whole.
This 3-mark distinguish item is a nature-and-scope topic in CHSE Odisha +2 Business Economics.
| Basis | Micro-economics | Macro-economics |
|---|---|---|
| Meaning | Study of individual economic units — a consumer, a firm, a single industry/market | Study of the economy as a whole |
| Subject matter | Price theory — product pricing, factor pricing, consumer behaviour | Income and employment theory — national income, aggregate demand/supply, general price level |
| Method | Partial equilibrium (one unit, others held constant) | General equilibrium (whole economy) |
| Chief variables | Individual demand, individual supply, relative prices | Aggregate demand, aggregate supply, total employment |
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