Question
Micro Economics and Macro Economics.
| Micro Economics | Macro Economics |
| (a) Micro economics deals with the economic behaviour of small units like particular firm, particular household, individual prices, wages, etc. | (a) Macro economics deals with the economic behaviour of large units or entire economy such as National Income, aggregate demand, aggregate supply, etc. |
| (b) It studies each unit in depth by using slicing method. | (b) It studies the economy as a whole using lumping method. |
| (c) It is based on partial equilibrium analysis based on assumptions. | (c) It is based on a general equilibrium analysis. |
| (d) Micro economic analysis is also called as ‘Price theory.’ | (d) Macro economic analysis is also called as ‘Income theory.’ |
| (e) Most of the theories are given by Dr. Alfred Marshall. | (e) Theories are profounded by Lord J. M. Keynes. |
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