2. It describes how the economy as a whole functions and how the level of national income and employment is determined on the basis of aggregate demand and aggregate supply. The Scope of Economics• Microeconomics is the branch of economics that examines the functioning of individual industries and the behavior of individual decision- making units—that is, business firms and households.• Macroeconomics is the branch of economics that examines the economic behavior of aggregates— income, output, employment, and so on—on a national scale 5/5/2012 Arihant … 3. It studies individual economic units such as: a consumer, a firm, a household, an industry, a commodity etc. 10 Concept of Entrepreneurship (Explained) 13 Main Advantages and Disadvantages of Lease Finance; 8 Major Reasons for Not Establishing Sales Territories (Explained) 15 Important Characteristics of Public Relations (Explained) 12 Role of Price and Non Price Factors in Marketing; 10 Main Factors Affecting … Problems or unemployment : Macroeconomics deals with various problems relating to the unemployment, economic fluctuations, inflation, deflation, international trade, economic growth etc. Welcome to EconomicsDiscussion.net! This document is highly rated by B Com students and has been viewed 10268 times. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. Introduction: The term ‘macro’ was first used in economics by Ragner Frisch in 1933. Uploaded by. Those who are interested in the material and social welfare of all must study problems in their macroeconomic setting. Scope Of Microeconomics : Macro Economics has wider scope and larger purpose. 2. Academic year. It helps to solve economic problems like poverty, unemployment, business cycles, etc., whose solution is possible at macro level only, i.e., at the level of whole economy. Content Guidelines 2. Read More. But as a methodological approach to economic problems, it originated with the Mercantilists in the 16th and 17th centuries. Various economists have given their arguments in favour of science while others have their … Nov 06, 2020 - Scope and Importance of Macroeconomics - Macroeconomics B Com Notes | EduRev is made by best teachers of B Com. Macroeconomics is the study of aggregates and averages of the entire economy. It helps to understand the functioning of a complicated modern economic system. Economists are now confidently exploring the possibilities and ways of maintaining economic growth and full employment. Whereas microeconomics deals with the analysis of small individual units of an economy such as individual consumers, individual firms, individual industries and markets and explains how prices of products and factors are determined. The nature and scope of economics depend upon the interaction of economic agents and how economies work. Find a reliable collection of Management Notes, Ebooks, Projects, Presentations, Video Tutorials and lot more, compiled from a variety of books, case studies, guidance from management teachers and of course the internet to make your management studies a joyride. What is Macroeconomics?. Nature of Economics. The Nature and Scope of Macroeconomics! Last but not the least, is that macroeconomic theory has saved us from the dangers of application of microeconomic theory to the problems of the economy as a whole. Disclaimer Copyright, Share Your Knowledge Macroeconomics in detail- Meaning, Scope, Nature, and Importance Economics is a subject that deals with every situation that’s happening in the whole world. Thus, Macro Economics is the study and analysis of an economy as a whole.


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