Topic Content:
- Microeconomics
- Macroeconomics
- Evaluation Questions
Microeconomics:
Microeconomics is a branch of economics that studies the economic behaviour of an individual, or small unit, which includes firms, consumers, resources, distribution of income, production, determination of price, the quantity of factor inputs, goods and services, and allocation of scarce resources.
Microeconomics is a branch of economic theory, which is also called price theory because it focuses on the price of individual or small units of economic theory. It enables us to study different market competitions, welfare, public finance, and managerial economics and analyze the rules of economic efficiency.
Macroeconomics:
Macroeconomics is a branch of economics that deals with whole or entire economics aggregate (Total).
It has to do with the study of the entire economy (global economy) which includes the level of price, national income, total employment, growth, development, consumption, investment, exports, imports, rate of inflation and deflation, rate of economic growth, etc.
Macroeconomics has to do with the enhancement of economic growth, through the elimination of economic instability, which focuses on the determination of national income, economic growth, and development.
Evaluation Questions:
1. Write short notes on the following:
- Alternative use
- Microeconomics
- Macroeconomics
2. Give a reason why “Economics” is a Science
View Answer
Responses