Micro and Macro Economics

By Abdulla Israr & Simran Rani

MICRO & MACRO ECONOMICS

Description also available in video format (attached below), for better experience use your desktop.


MICRO ECONOMICS

Introduction

·       Micro is derived from a Greek word ‘mikros’, meaning small

·       It deals with the study of the economic behaviour of Individual economic units and individual economic variables which includes

o   Households

o   Firms

o   Industries

·       It revolves around the interaction of consumers and producers in the markets

·       It explains the role of various individuals in the whole economic system

·       Basically it helps in the

o   Determination of product prices

o   Determination of factor prices

o   Allocation of resources

o   Action and interaction of individual markets-product and factor markets

 

MACRO ECONOMICS

Introduction

·       Macro is derived from the Greek word ‘makros’ meaning large

·       It deals with the

o   Study of the economy as a whole

o   Functioning of the economy as a whole

·       Basically it is concerned with the

o   National Income

o   Employment

o   General Price Level

o   Economic Growth

o   International Trade

o   Money

·       Macro economics deals

o   Not with individual quantities but with aggregate of these quantities

o   Not with individual income but with national income

o   Not with individual prices but with the price level

o   Not with the individual output but with the national output

 

Interdependence & Importance of Micro & Macro Economics

Interdependence

·     There is really no opposition between micro & macro economics

·     Both are vital

·     Macro economics deals with big issues of economic life but the entire economy is made up of its parts

·     Basic goal of both is the maximization of material welfare of the people and the entire economy

Importance

·       Functioning of the market economy

·       Allocation of resources

·       Price determination’

·       Economic efficiency

·       International trade

·       Business decisions

·       Economic policy maker

 

Micro Vs Macro Economics

MICROECONOMICS

MACROECONOMICS

Deals with individuals

Deals with aggregates

Deals with the pricing of a particular commodity

Deals with the price level nationwide

Price is the basic parameter

Income is the basic parameter

Important for resource utilization, public finance and business decisions

Important for the formulation of economic policy of the whole nation

Independent concepts

Concepts are interdependent on one another

Theoretical value is high

Practical value is high

Bottom up view of the economy

Top down view of the economy

 

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