Distinguish between : Micro Economics and Macro Economics.
Q.2 (B) (i) Distinguish between : Micro Economics and Macro Economics.
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Answer: Micro Economics vs Macro Economics
| Basis | Micro Economics | Macro Economics |
|---|---|---|
| Meaning | Studies individual economic units such as a consumer, a firm or an industry. | Studies the economy as a whole and its aggregates. |
| Method | Uses the slicing method. | Uses the lumping method. |
| Theory | Called price theory. | Called income and employment theory. |
| Objective | Optimum allocation of resources. | Full employment, price stability and economic growth. |
| Variables | Individual demand, supply, product price, factor price. | National income, aggregate demand and supply, general price level. |
| Example | Price of a commodity, income of a household. | National income, inflation, unemployment. |
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· 28 Oct 2026
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