micro & macro economics
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micro & macro economics

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micro & macro economics micro & macro economics Presentation Transcript

  • DEPARTMENT OF RESEARCH & MANAGEMENT PRESENTATION TO : BY : Mrs. Sundhaya Madam Mr. Girish Gilda M.B.A 1 st SEM. ROLL no: 59
  • WELCOME TO WORLD
  • MANAGERIAL ECONOMICS
  • TOPIC
    • MICRO ECONOMICS
    • MACRO ECONOMICS
  • MICRO ECONOMICS :
  • Meaning :
    • Micro has been derived from GREEK word “ MIKROS ”which mean small .
    • It is a study of the individual units of economic system .
    • In other words a small part of economy & not the whole economy .
  • DEFINATION :
    • Prof. Mac cannel , “micro economics is a study of the specific economic units and a detailed consideration of the behavior of these individual units ” .
    • Prof.Boulding , “micro economics seeks to explain the working of individuals,firms,households,individual prices,wages,particular industries ” .
  • Subject-matter :
    • It deals with determination of product prices and factor of prices .
    • In short , it is concerned with the determination of prices like theory of production,theory of rent,wages.Interest,profit & economic welfare .
    • It also known as PRICE THEORY .
  • Merits :
    • A worm’s eye view of a small specific unit.
    • Formulating economic policies and scarce resources of the country.
    • Achieve maximum output with minimum costs.
    • It is helpful for macro economic studies.
    • It does not give the correct pictures of the working of the economy .
    • It does not provide solution to certain economic problems .
    • The area of study covered by it is limited .
    • It cannot be abruptly applied to the study of macro economic problems .
    Limitations :
  • MACRO ECONOMICS :
  • Meaning :
    • Macro is been derived from the Greek word “ MAKROS ”which means LARGE .
    • Macro economic is the study of large part of the economy i.E.,The whole economy.
    • The study of economic behaviour of the economy as a whole & not the individual economic units of the economy.
    • Prof. Boulding , “ Marco economics deals not only with individual quantities but with the aggregates of these quantities , not with the individual incomes , but with national income , not with individual prices , but with prices level , not with individual outputs but with the national output ” .
    DEFINATION :
  • Subject Matter :
    • It deals with total consumption, total savings , total investment , total output, total or national income, inflation & deflation economic growth, etc.
    • In other words it is concerned with the analysis of income & employment in the economy as a whole .
    • Theory of income & employment .
  • Merits :
    • A bird’s eye-view of the entire economy .
    • Macro economic is more useful in solution to economy problems.
    • It is quite helpful in formulation of GOVT. Economic policies.
    • Study of macro economic is useful to micro economic studies.
  • Limitations :
    • The study of individual units becomes more useful than study of aggregates.
    • It is useful for for develop countries for solving their problems but less useful or undeveloped country.
    • It studies the economy in general or in detail .
  • Conclusion :
    • It is true that macro economic is more realistic and more useful than micro economic . but this is not that micro economic should be given up . in fact both cannot adequately explain working of economic system .
    • Both the approaches are inter-related inter-dependent & complementary to each other .
    • Both are necessary for a perfect study of economics.
  • THANK YOU ALL