state the scope of macroeconomics? how does it differ from microeconomics.

Solutions

Expert Solution

Answer : 1) Scope of macroeconomics : The macroeconomics study the aggregate and average of whole economy. It study the national income, employment and unemployment, inflation, aggregate supply, aggregate demand and functions of money. This is the scope of macroeconomics.

2) The scope of macroeconomics is different from microeconomics. Because microeconomics study the individualistic economic behaviour whereas macroeconomics study the aggregate and average of whole economy. Microeconomics study the consumer behaviour, buyers' decision to purchase, determination of market price and firm's profit. Whereas macroeconomics study the national income, employment and unemployment, inflation, aggregate supply, aggregate demand and functions of money. Thus, the scope of macroeconomics is different from microeconomics.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

How does the focus of macroeconomics differ from that of microeconomics when it comes to income,...

How does the focus of macroeconomics differ from that of microeconomics when it comes to income, output, employment, and prices?

3) How does the study of microeconomics differ from that of macroeconomics? Give one example each...

3) How does the study of microeconomics differ from that of macroeconomics? Give one example each of an issue studied in microeconomics and in macroeconomics.

How does the scope of review of courts in tax cases differ from the scope of...

How does the scope of review of courts in tax cases differ from the scope of judicial review described in Administrative Procedures Act ("APA")Section 706?

Briefly describe how Macroeconomics differs from Microeconomics.

Microeconomics differs from macroeconomics in that microeconomics focuses on: A) the performance of the entire economy....

Microeconomics differs from macroeconomics in that microeconomics focuses on: A) the performance of the entire economy. B)issues such as inflation, unemployment and economic growth. C) the choices made by individuals and the implications of those choices. D) government policies designed improve the performance of the national economy

What is macroeconomics and microeconomics.

1. Compare and contrast microeconomics and macroeconomics. 2. How does the rest of the world effect...

1. Compare and contrast microeconomics and macroeconomics. 2. How does the rest of the world effect you and your business?

Microeconomics and Macroeconomics. Explain the difference between microeconomics and macroeconomics. What are the areas of concern...

Microeconomics and Macroeconomics. Explain the difference between microeconomics and macroeconomics. What are the areas of concern for each of these branches of economics?

Licensed independent practitioners, previously mid level practitioners, scope of practice differ from state to state. What...

Licensed independent practitioners, previously mid level practitioners, scope of practice differ from state to state. What are some potential drawbacks for health care in the USA?

The distinction between microeconomics and macroeconomics is A.that microeconomics examines the beach, while macroeconomics looks at...

The distinction between microeconomics and macroeconomics is A.that microeconomics examines the beach, while macroeconomics looks at the sand, individual rocks, and shells, so to speak. B.so clear-cut that every topic can be readily labeled as either macro or micro. C.that microeconomics studies the behavior of individual consumers, workers, and firms, while macroeconomics studies the economy as a whole. D.that microeconomics seeks to obtain an overview, while macroeconomics observes the details of individual components.

Subjects