ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Macroeconomics studies how the economy behaves as a whole, including inflation, price levels, rate of growth, national income, gross domestic product and changes in employment rates.

Detailed explanation-3: -Macroeconomics looks at the economy as a whole. It focuses on broad issues such as growth of production, the number of unemployed people, the inflationary increase in prices, government deficits, and levels of exports and imports.

Detailed explanation-4: -Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole. It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation. Hence, study of economy as a whole is called macro economics.

Detailed explanation-5: -Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.