CBSE Class 11-commerce Answered
Microeconomics
|
Macroeconomics |
The word Micro is derived from the Greek word ‘Mikros’ meaning ‘small’. |
The word Macro is derived from the Greek word ‘Makros’ meaning ‘large’ |
Microeconomics studies economic relationships or economic problems at the level of an individual, an individual firm or household or consumer |
Macroeconomics studies economic relationships or economic problems at the level of the economy as a whole. |
It is basically concerned with the determination of output and price for an individual firm or industry |
It is basically concerned with determination of aggregate output and general price level in the economy as a whole |
Example: Supply, price, demand |
Example: National income, unemployment, inflation |