Economics · Class 12 Commerce
Ch 1Introduction to Micro and Macro Economics — Class 12 Economics, concept-first.
The Maharashtra HSC (MSBSHSE) Std XII Economics syllabus opens with the two broad branches into which the whole of modern economic theory is divided — Microeconomics and Macroeconomics.
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Macroeconomics — Meaning and Features
Macroeconomics is the branch of Economics that studies the economy as a whole through aggregates — national income, aggregate demand and supply, the general price level, and total employment — rather than any single unit…
Most relevant Q&A
- The definition — "Macroeconomics deals not with individual quantities as such, but with the aggregates of these quantities; not with individ…Free
- State any four features of Macroeconomics.Free
- Complete the correlation: Macro Economics : ______ :: Micro Economics : Price theory.Preview
- The whole economy is studied in ______ (a) Micro Economics (b) Macro Economics (c) Econometrics (d) Natural SciencesPreview
- Macro economics is different from micro economics. (a) Agree (b) DisagreePreview
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Meaning and Definition of Microeconomics and Macroeconomics
The Maharashtra HSC (MSBSHSE) Std XII Economics syllabus opens with the two broad branches into which the whole of modern economic theory is divided — Microeconomics and Macroeconomics.
Scope of Microeconomics and Macroeconomics
The 'scope' of a subject means the various branches or areas of study it covers. Because Microeconomics and Macroeconomics study the economy at two very different levels, their scope covers quite diff…
The Slicing Method and the Lumping Method (Partial vs General Equilibrium)
Because Microeconomics and Macroeconomics study the economy at two different levels, they also use two different METHODS of analysis — a difference the Maharashtra HSC (MSBSHSE) Economics syllabus ill…
Importance (Uses) of Microeconomics and Macroeconomics
Importance (Uses) of Microeconomics. - It explains how the price of an individual commodity or factor of production is DETERMINED in a free market, through the interaction of demand and supply.
Limitations of Microeconomics and Macroeconomics
Limitations of Microeconomics. - It rests on the UNREALISTIC ASSUMPTION of full employment of resources in the economy as a whole, an assumption rarely true in the real world.
Interdependence Between Microeconomics and Macroeconomics
Although Microeconomics and Macroeconomics study the economy at two different levels, and although each has its own distinct method (the Slicing Method and the Lumping Method respectively), the two br…
Distinguishing Between Microeconomics and Macroeconomics
The table below summarises the main points of difference between Microeconomics and Macroeconomics studied in this chapter.
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
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- Q1Complete the correlation: Macro Economics : ______ :: Micro Economics : Price theory.Preview
- Q2The whole economy is studied in ______ (a) Micro Economics (b) Macro Economics (c) Econometrics (d) Natural SciencesPreview
- Q3Identify and explain the following concept. Asha collected information about the income of a particular firm.Preview
- Q4Distinguish between the slicing method and the lumping method.Preview
- Q5Explain the scope of Macro economics.Preview
- Q6Micro Economics is also called as ______. (a) Income theory (b) Price theory (c) Growth theory (d) Employment theoryPreview
- Q7Find the odd word out: Scope of Micro Economics: (a) Theory of product pricing (b) Theory of factor pricing (c) Theory of Economic growth an…Preview
- Q8Explain any four points of importance of microeconomics.Preview
- Q9Macro economics is different from micro economics. (a) Agree (b) DisagreePreview
- Q10The method adopted in microeconomic analysis: Lumping method Aggregative method Slicing method Inclusive method (a) a, c and d (b) a, b and…Preview
- Q11General equilibrium : Macro economics : : ______ : Micro economicsPreview
- Q12Explain any four features of macroeconomics.Preview
- Q13Macro economics is different from micro economics. (a) Agree (b) DisagreePreview
- Q14Find the odd word: Theory of Economic Welfare: (a) Theory of Income and Employment (b) Efficiency in production (c) Efficiency in Consumptio…Preview
- Q15The terms of Micro Economics and Macro Economics were coined by Norwegian Economist ______. (a) Adam Smith (b) J.M. Keynes (c) J.B. Say (d)…Preview
- Q16Identify and explain the following concept: Rani collected the data of India's National Income for the purpose of study.Preview
- Q17Distinguish between the following. Micro Economics and Macro Economics.Preview
- Q18Explain the features of microeconomics.Preview
- Q19Complete the correlation: Micro economics : Slicing method : : Macro economics : ______.Preview
- Q20Give an economic term: A branch of economics which does microscopic study of the economy.Preview
- Q21Distinguish between the following. Micro Economics and Macro Economics.Preview
- Q22State with reasons whether you agree or disagree with the following statement: Scope of micro economics includes only the theory of product…Preview
- Q23Fill in the blank using appropriate alternatives given in the brackets: Micro economics is a _______ equilibrium approach. (a) partial (b) g…Preview
- Q24Define or explain the following concept: Micro economicsPreview
- Q25Define or explain the following concept: General equilibriumPreview
- Q26Give reasons or explain the following statement: Micro economics is also known as price theory.Preview
- Q27Distinguish between: Slicing method and Lumping method.Preview
- Q28Write a short note: Importance of micro economics.Preview
- Q29Explain the scope and subject matter of macro economics.Preview