MACROECONOMICS AND MICROECONOMICS: AN OVERVIEW
Journal Title: IMPACT : International Journal of Research in Humanities, Arts and Literature ( IMPACT : IJRHAL ) - Year 2018, Vol 6, Issue 8
Abstract
Microeconomic theory deals with the study of individual units of an economy, such as, the demand of a single consumer and the behaviour of a single firm. Macroeconomics deals with the study of the economy as a whole. It studies variables like national income and employment. In microeconomics, the assumption is that there is the full employment of resources. While in macroeconomics there is no such assumption. Microeconomics deals with a pricing of different factors of production while macroeconomics deals with economic growth and development. Microeconomics makes use of partial equilibrium analysis while macroeconomics makes use of general equilibrium analysis. This paper endeavors to identify the differences and similarities between microeconomics and macroeconomics, outline the scope of microeconomics and macroeconomics, and examine the role of each in policymaking.
Authors and Affiliations
Arya Salim
Keywords
Related Articles
- EP ID EP369995
- DOI -
- Views 95
- Downloads 0
LOW ACHIEVEMENT FACTORS IN LEARNING MATHEMATICS AMONG SECONDARY SCHOOL STUDENTS
Education helps a child become a useful and a responsible member of the society. It is regarded as the a greatest force in for the development of a nation economically, socially and culturally. Therefore, all citizens of...
WHY PEOPLE SMOKE? - AN EMPIRICAL STUDY IN BANGALORE
We see and hear about cigarettes warning everywhere. But seldom people follow this and continue to smoke. The study is an analysis of what causes people to smoke and the number of factors that influence smoking. It also...
THE CHAIN REACTION OF THOUGHTS: SOCIETY BUILDING AND CHANGING PERCEPTIONS
Is it possible, to say anything that results in a mass impact on society? Can the thought chain reaction of an individual, affect the person whom he is not acquainted? The present qualitative study of thought chain react...
ART OF ADVERTISING IS INFOTAINMENT
When it comes to entertainment, it’s a must have in Advertising. Any ad for that matter cannot be convincing if it only provides information. The information has to be manipulated in a way to make it appealing and entert...
EMPOWERING YOUNG LEARNERS WITH USE OF HERBAL PLANTS THROUGH FIELD VISIT AND PRACTICAL WORK: A STUDY
The paper focuses on the Indian Ancient knowledge about Science and Technology through the use of herbal medicine. The researchers visited an herbal garden to identify some medicinal plants and use them at the time of ne...