Question

1. In your view, what is the difference between micro and macroeconomics?
2. Also considering the GDP and GNP what are the basic differences?
3. Present a comprehensive discussion of the concept of unemployment.

Answer 1

Difference between microeconomics and macroeconomics :-
  
Economics is divided into two different categories: microeconomics and macroeconomics. a) Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.

b) Microeconomics studies supply and demand in individual markets wheares
macroeconomics studies monetry and fiscal policy.

c) Microeconomics studies effect on price of a good wheares macroeconomics studies general price level

d) Microeconomics analysis the individual labour market wheares macroeconomics analysis the employment or unemployment rate.

e) Microeconomics studies the individual consumer behaviour wheares macroeconomics studies aggregate demand of the economy.

B. The difference between GDP and GNP :-

Gross domestic product is the price of a nation's completed domestic goods and services during a certain time period. A related but different measure, the gross national product (GNP), is the value of all completed goods and services owned by a country's citizens over a period of time.

C. Concept of unemployment :-

Unemployment appears when an individual who is vigorously searching for employment is unable to find work. The most usual measure of unemployment is the unemployment rate, which is the number of unemployed people divided by the number of people in the labor force.