Que.: What is economics?
Ans.: According to Marshall “a study of mankind in the ordinary business of life.”
Milton Friedman said that “economics is the science of how a particular society solves its economic problems”.
The science that deals with the actions of individuals and societies directed toward meeting certain ends in a world where the means necessary to meet hose ends have alternative uses.
Que.: Destination between micro and macro economics?
|Micro Economics |Macro Economics |
|1. The function of micro economics is microscopic. |1. The function of macro economics is telescopic. |
|2. It is deals with relatively small objects such as a firm or an|2. It deals with relatively large objects, such as an industry |
|individual. |or the whole economy. |
|3. It discuss price or demand for as single goods. |3. It discusses the price level or aggregate demand. |
|4. It examines low tax change affect a single firms out put. |4. It examines low tax change affects the output of the extra |
| |economy. |
Que.: Key of macroeconomic variable.
Ans.: There are three types of key of macroeconomic variable.
1. Employment variable
2. Out put variable
3. Price variable
Employment variables are three types:
b. Self employed
c. Unemployed, unemployed rate denoted by U,
According to John M. Keynes unemployment are two types;
i. Voluntary unemployment
ii. Involuntary unemployment
Unemployment as a negative factor
• Social point of view
• Political point of view
• Economical point of view
Economical point of view are three types:... [continues]
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