ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Microeconomics seeks to understand how individuals, households, and companies make decisions; the factors that shape these decisions; and how these decisions affect others.

Detailed explanation-2: -Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions. Scarcity is sometimes considered the basic problem of economics.

Detailed explanation-3: -Microeconomics is based on models of consumers or firms (which economists call agents) that make decisions about what to buy, sell, or produce-with the assumption that those decisions result in perfect market clearing (demand equals supply) and other ideal conditions.

Detailed explanation-4: -Microeconomics deals with various issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, and more. Macroeconomics deals with various issues like national income, distribution, employment, general price level, money, and more.

Detailed explanation-5: -Macroeconomics is the study of whole economies–the part of economics concerned with large-scale or general economic factors and how they interact in economies.