MACRO VS MICRO ECONOMICS.pptx
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Microeconomics analyzes the economic behavior of individual consumers and firms in specific markets. It examines how supply and demand determine prices and outputs in these individual markets for goods and services. The key concepts in microeconomics include theories of consumer demand, production costs, profit maximization, and equilibrium price and quantity. Macroeconomics takes a broader view, analyzing the economy as a whole. It studies aggregate indicators such as GDP, unemployment and inflation. Key macroeconomic concepts include national income accounting, economic growth, fiscal and monetary policy. Both microeconomics and macroeconomics are important areas of study, as individual markets make up the overall economy.
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This document outlines activities to help students learn about the various social science disciplines. It introduces the main social science disciplines (Sociology, History, Anthropology, Economics, Political Science, Demography, Geography, and Linguistics) and has students identify which discipline relates to different pictures. One activity has students examine pictures of artifacts from different cultures and play the role of an anthropologist, making interpretations about the cultures based on the artifacts. The goal is for students to understand and be able to compare the key social science disciplines.
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This document provides an introduction to social sciences. It defines social science as the study of society and how historical, cultural, sociological, psychological and political forces shape human behavior and impact society. Specific disciplines under social sciences that can help answer questions about events and their causes include history, sociology, political science, economics, anthropology, and psychology. The document contrasts social sciences with natural sciences and humanities. It also includes activities for students to identify words related to social sciences and natural sciences, and to match situations to the most appropriate social science discipline.
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Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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MACRO VS MICRO ECONOMICS.pptx
- 2. Micro economics The prefix 'micro' is derived from Greek word 'mikros', meaning small. “Micro economics studies the economic behaviour of individual economic units and individual economic variables.” The study of economic behaviour of the households, firms and industries forms the subject- matter of micro economics.
- 3. Micro economics is concerned with economic activities of individual economic units as consumers, resource owners and business firms. It explains how these individuals as consumers or households, as resource owners and as producers play their part in the working of the whole economic system. It revolves around the interaction of consumers and producers in markets.
- 4. Product market: Theory of demand Theory of production Theory of cost Theory of product pricing Factor market: Theory of distribution Welfare economics. Subject-Matter of Micro Economics Micro economics is concerned with
- 5. Determination of product prices Determination of factor prices and their quantities in the individual markets The allocation of resources among various firms and industries. It deals with the action and interaction of individual markets-product and factor markets. Thus, micro economics deals with the
- 6. The prefix 'macro' is derived from the Greek word 'makros' meaning, 'large'. Macro economics is the study of the economy as a whole. Macro economics " deals with the functioning of the economy as a whole.” Macro economics "Macro economics deals not with individual quantities as such but with aggregate of these quantities; not with individual incomes but with national income; not with individual prices but with the price level; not with individual outputs but with the national output." - Prof. Boulding
- 7. Subject-Matter of Macro Economics Theory of National Income Theory of Output and Employment Theory of General Price Level Theory of Economic Growth Theory of International Trade Theory of Money
- 8. Microeconomics It deals with an individual's economic behavior. It deals with the pricing of a particular commodity in an industry. Price is the basic parameter of micro economics. Study of micro economics is important for resource utilization, public finance, and for taking business decisions. It deals with aggregate economic behavior of the people in general. It deals with the general price level in the economy, National income accounting, etc. Income is the basic parameter of macro economics. Study of macro economics is important for formulation of economic policy of the whole nation. Macroeconomics
- 9. The concepts of micro-economics are independent concepts. The concepts were popularized by the famous Alfred Marshall. These concepts have more theoretical value. Bottom up view of the economy The concept of macro economics are interdependent on one another. The concepts were popularized by the famous Lord J.M. Keynes. These concepts have more practical value. Top down view of the economy Microeconomics Macroeconomics
- 10. Interdependence of Microeconomics & Macroeconomics Prof. Paul A. Samuelson has aptly remarked, "There is really no opposition between micro and macro economics. Both are vital. You are less than half-educated if you understand one while being ignorant of the other." Macro economics deals with 'big' issues of economic life but the entire economy is made up of its parts. Basic goal of both micro economic and macro economic theories is the maximisation of material welfare of the people and the entire economy.
- 11. Functio ning of the market econo my Allocati on of resourc es Price determ ination Econo mic efficien cy Helpful in interna tional trade Useful in busines s decisio ns Formul ation of econo mic policy Importance of Micro economics
- 12. Importance of Macro economics Understan ding the working of the economy Understan ding the major issues facing the economy Study of national income Insight into micro economics Useful in formulatin g governme nt's economic policies Internatio nal compariso n
- 13. THANK YOU