Answer in Brief
State with reason whether you agree or disagree with the following statement:
Macro economics is different from micro economics.
Yes, I agree with the above statement.
- Macro economics is the study of the entire economy whereas, on the other hand, micro economics is a study of a particular segment of an economy.
- Macro economics studies aggregate demand, aggregate supply, national income, general price level, etc. On the other hand, micro economics studies individual demand, individual supply, individual income, price determination of a particular product, etc.
- Macro economics follows general equilibrium analysis. On the other hand, micro economics follows partial equilibrium analysis.
- Macro economics uses the lumping method. On the other hand, micro economics uses the slicing method. Therefore, macro economics is different from micro economics.
Concept: Macro Economics
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