Microeconomics analyzes individual markets and the basic concepts of economics like product, price, cost, demand, and supply. Macroeconomics analyzes aggregate concepts that collectively make up the whole economy, including national product, income, banking sectors, and fiscal policies of a country. While microeconomics focuses on small economic units, macroeconomics affects both small and large markets and provides techniques for governments and industries to address issues like unemployment. Both are important areas of study to understand different levels of economics.
2. TOC
Overview
Type of Economics
Scope of Microeconomics
Scope of Macroeconomics
Difference between MicroEconomics
vs MacroEconomics
Basic Recap
Economics
www.onlinebusinessbazar.com
Advantages of Microeconomics Advantages of Macroeconomics
3. Overview
In today's world, the demand for Microeconomics
and Macroeconomics is going very high. Every
person wants to learn about his country's economy.
For this it is important to know about economics as a
subject.
4. ECONOMICS
Economics means the utilisation of resources in an
appropriate manner. It works for the welfare of people. It
provides many types of techniques to run the country and
small business.
www.onlinebusinessbazar.com
5. TYPES OF ECONOMICS
MICROECONOMICS: Microeconomics refers to a
small part of economics. Microeconomics considers the
micro element of economics like Cost of Production, Cost
Theory, Product Theory, etc.
MACROECONOMICS: Macroeconomics refers to
the vital part of economics. It considers the macro
elements of the economy. Like: National Income, GDP,
Reserve Bank, Foreign Exchange, Total Demand and
Supply etc.
www.onlinebusinessbazar.com
6. SCOPE OF THE
MICROECONOMICS
FUTURE PLANNING: It makes it easy to frame the
future policies of the company. Macroeconomics estimates
the raw material requirement of a business,
COST OF PRODUCTION: It generally
estimates the cost of production. As it estimates per
unit cost and adds the total cost of whole production.
PRODUCT PRICE: It is the process of
estimating the actual cost of product and
selling price of product.
www.onlinebusinessbazar.com
7. SCOPE OF THE MACROECONOMICS
G.D.P: Macroeconomics covers a large part of the whole country's G.D.P.,
Which means the Gross Domestic Product of the country. It estimates the gross
value of the domestic products of the country.
NATIONAL INCOME: It is also used to calculate the country's National
Income. This includes all types of income like Taxes, Net Factor Income From
Abroad, Net National Income, Gross National Income, and Net Domestic
Income.
INFLATIONARY GAP: The inflationary gap means increasing the demand from its actual
point. When the demand increases and supply decreases. Then this situation rises in the
economy. Which leads to rises in the prices of goods and services. This situation was raised in
COVID PANDEMIC.
www.onlinebusinessbazar.com
8. DIFFERENCE BETWEEN MICROECONOMICS vs
MACROECONOMICS
Microeconomics
It is related to the study of the individual market. It includes
the basic concepts of economy. It is the base of the
economy. This is the small unit of economy.
It includes the product, price, cost, elasticity, demand, supply,
consumer behaviour, raw material, a market segment.
www.onlinebussinessbazar.com
9. Macroeconomics
It is related to the study of gross concepts and aggregate concepts of the economy.
Which is collectively known as the whole study of economy.
It includes the national product and income, payments balancing, banking sectors,
foreign policies, and fiscal deficits of the country.
It affects both markets: small and large.
It provides easy techniques to various parties like the government, industries etc.
To solve the problems rising in the country, whether it is the unemployment in the
country.
www.onlinebusinessbazar.com
10. Advantages of Microeconomics
It gives advantages to the local area market.
It provides easy techniques to solve the problems rising in the
market.
Helpful to Mathematicians and Statisticians for new research
It considers the: PRODUCTION THEORY, PRICE THEORY, COST
THEORY, CONSUMERS AND DEMAND THEORY.
www.onlinebusinessbazar.com
11. Advantages of Macroeconomics
www.onlinebusinessbazar.com
It affects both markets: small and large.
It provides easy techniques to various parties like the government,
industries etc.
To solve the problems rising in the country, whether it is the unemployment in the
country.
It has not specific theory, but it also considers some basic theorems like:
AGGREGATE THEORY, FOREIGN RELATION, BANKING THEORIES etc
12. Conclusion
In this, we get to know about Microeconomics and
Macroeconomics, which is an important part of the study of
economy. We study the meaning of microeconomics, which
is the nuclear component of economics deals. Here the
economics gets started. The study of Macroeconomics deals
with the whole part of economics. From here, the new
branches are explored at different levels.
www.onlinebusinessbazar.com
