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What is economics all about? Distinguish between its two branches Micro and Macro Economics.

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Economics is all about making choices in the presence of scarcity.

Difference between Micro and Macro Economics

Sl. No. Micro Economics Macro Economics
i Microeconomics is the branch of economics which study individual economic variable / unit Macroeconomics is the branch of economics which study economy as whole and its aggregates.
ii The main tools of micro economics are demand and supply. The main tools of macro economics are aggregate demand and aggregate supply
iii The main problem studied is price determination. The main problem studied is income and employment determination.
iv Microeconomics is a partial equilibrium analysis. Macro economics is a general equilibrium analysis.
v The major microeconomic variables are price, individual consumer’s demand, wages, rent, profit, revenue, etc. The major macroeconomic variables are National income, aggregate demand, aggregate supply, inflation, poverty, unemployment, etc.

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