Question

Distinguish between Micro Economics and Macro Economics.

Hint:

Micro Economics analyzes small-scale economic decisions, while Macro Economics analyzes large-scale national and global economic phenomena.

Answer 1

Micro Economics is the study of individual economic units such as households, firms, and industries. It focuses on the behavior of individual agents and how their decisions affect supply and demand, prices, and resource allocation.
Macro Economics is the study of the economy as a whole. It focuses on aggregate economic variables such as national income, inflation, unemployment, and economic growth. It deals with broader economic issues at the national or global level. Final Answer: \[ \boxed{Micro \; Economics \; focuses \; on \; individual \; units, \; whereas \; Macro \; Economics \; studies \; the \; economy \; as \; a \; whole.} \]