Micro economics deals with the behavior or small parts and units of economics and their functions. But micro economics has some limitations which are discussed below: 1. Consideration of unrealistic …
Read More »Different types of market structures are discussed in micro economics
5. To analyze the consumers’ behavior: Rational consumer’s go to the market with a certain amount of money. They coordinate between the ups and downs of commodity prices and his …
Read More »Scope/Subject matter of Micro Economics
Following are the subject matter of micro economics: 1. Individual economic activities: Micro economics deals with the economic activities of individual in a society. How to earn money and how …
Read More »Relative Importance of micro economics and macro economics
Micro economics or macro economics are complementary to each other. There are differences between the scopes of micro economics and macro economics. In spite of it, these two branches of …
Read More »Difference between Micro Economics and Macro Economics
1. Definition: Micro economics means the discussion of small parts of economics. That means the branch of economics which deals with small parts, and then it is termed as micro …
Read More »What is macro economics?
The word Macro comes from the Greek word “Makros”. Macro means larger. Macro Economics discusses not about an individual or individual institution rather it discusses about the economy of a …
Read More »What is micro economics?
The word micro has been derived from Greek word “Micros” means small or little. Micro economics deals with the analysis of small individual units of economy such as buyers, sellers, …
Read More »Methods of Economics
Deductive Method: It is from generalized statement to a conclusion. Example: Man is mortal is a generalized statement. A. John is a man. Through deductive method we can conclude that …
Read More »Difference between Positive Economics and Normative economics
There are some well remarketed differences between positive economics and normative economics which are discussed below: 1. Positive economics is the pure science regarding what is happening. On the other …
Read More »Nature of Economics
The economists are also divided regarding the nature of economics. The following questions are generally covered in the nature of economics. a) Is economics a science or an art? b) …
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