1.2.1.3 Flashcards
studies the economic behavior
of individual economic units and individual
economic variables.”
Microeconomics
The study of economic behavior of the
households, firms and industries forms the
subject-matter of ___
Microeconomics
mikros meaning
Small
concerned with
economic activities of
individual economic
units as consumers,
resource owners and
business firms
Microeconomics
It revolves around the
interaction of
consumers and
producers in markets.
Microeconomics
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
Microeconomics
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.
Macroeconomics
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.
Macroeconomics
makros meaning
Large
the
study of the economy as a
whole.
Macroeconomics
“deals
with the functioning of the
economy as a whole”
Macroeconomics
It deals with an individual’s economic
behavior.
Microeconomics
It deals with the pricing of a particular
commodity in an industry.
Microeconomics
basic parameter of
microeconomics.
Price
Study of ____ is important for resource utilization, public finance, and for taking business decision.
Microeconomics
