Question

Compare all of the following:
a- Microeconomics and Macroeconomics.
b- Positive economics and normative economics.
c- Total benefit and marginal benefit

Answer 1

A)

MICRO ECONOMICS	MACRO ECONOMICS
INDIVIDUAL UNITS	AGGREGATE UNITS
WORM'S EYE VIEW	BIRD'S EYE VIEW
PARTIAL EQUILIBRIUM	GENERAL EQUILIBRIUM
EXAMPLE, STUDY OF A FIRM ,PRICE OF WHEAT	EXAMPLE,TOTAL EMPLOYMENT,GROSS NATIONAL SAVINGS

B)

POSITIVE ECONOMICS	NORMATIVE ECONOMICS
IT STUDIES 'WHAT IS?'	IT STUDIES ,WHAT OUGHT TO BE?'
NO VALUE JUDGEMENT	VALUE JUDGEMENT
EXAMPLE, UNEMPLOYMENT HAS BEEN RISING ALL OVER THE WORLD.	EXAMPLE,THE CORONA CRISIS LEADS TO MASSIVE UNEMPLOYMENT ALL OVER THE WORLD

C)

TOTAL BENEFIT	MARGINAL BENEFIT
THE SUM TOTAL BENEFIT FROM CONSUMPTION OR PRODUCTION	ADDITIONAL BENEFIT FROM CONSUMING ONE MORE UNIT OR PRODUCING ONE MORE UNIT