2.1 Micro economics and Macro economics
Micro economics
[!definition] study of behaviour of individuals markets and sections of the economy
example: market of cars
Macro economics
[!definition] study of economic behaviour and decision making in the entire economy
example: nature and causes of unemployment
Micro | Macro |
---|---|
Bad weather affecting he rice harvest | unemployment increasing |
An increase in individual’s wages | raising wages for all workers |
invention of new machine | raising tax |
increase in price of cocoa |
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