ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Microeconomics is the study of economics at an individual, group, or company level. Whereas, macroeconomics is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies. Macroeconomics focuses on issues that affect nations and the world economy.

Detailed explanation-2: -The two main branches of Economics are microeconomics and macroeconomics. It is the analysis of economics in the small. It looks at individuals and firms; and the conditions under which they make buying, consumption and production decisions.

Detailed explanation-3: -Economics is divided into two categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments.

Detailed explanation-4: -Little-picture microeconomics is concerned with how supply and demand interact in individual markets for goods and services. In macroeconomics, the subject is typically a nation-how all markets interact to generate big phenomena that economists call aggregate variables.

Detailed explanation-5: -Microeconomics has applications in trade, industrial organization and market structure, labor economics, public finance, and welfare economics. Macroeconomics is the study of the decisions of countries and governments. The term analyzes entire industries and economics rather than individuals or specific companies.