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Economics As A Discipline (for UPSC CSE)
Macro meaning large in Greek clarifies the idea that macro economics relates to aggregated data in an economy . It deals in totality viz. total investment, total production , total consumption ,total employment , total imports and exports of a country etc. It not only helps in understanding the cause of sudden booms and slumps in the short run but also helps us in understanding the long term growth rate of the economy . On the other , micro means small in Greek so obviously micro economics is related to disaggregated data .It is concerned with the decision-making of individuals ,households, firms, a specific industry etc. which combine altogether to form an economy .
Prajwal R
a year ago
tq for this information