In this video, Lets learn the basics of 2 essential branches of economics - Microeconomics and Macroeconomics.
MICROECONOMICS (Price Theory)
1. The term ‘micro’ has been derived from Greek word ‘mikros’ which means ‘small’. 2. Microeconomics is that part of economic theory, which studies the behaviour of individual units of an economy.
3. Its main tools are ‘Demand’ and ‘Supply’.
4. It involves a limited degree of aggregation. For example: Market supply is derived by aggregation of individual supply of all producers in a particular market.
MACROECONOMICS ( Income and Employment Theory)
1. The term ‘macro’ has been derived from Greek word ‘makros’ which means ‘large’. 2. Macroeconomics is that part of economics which studies the behaviour of aggregates of the economy as a whole.
3. Aggregate Demand and Aggregate Supply are the main tools of Macroeconomics. 4. It involves the highest degree of aggregation. For example: Aggregate supply is derived for the entire economy.
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