Welcome to the NCERT Solutions for Class 12 Micro Economics - Chapter Introduction to Micro Economics. This page offers a step-by-step solution to the specific question from Exercise 1, Question 8: . With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.
Distinguish between microeconomics and macroeconomics.
| Point of Difference | Microeconomics | Macroeconomics |
|---|---|---|
| Study Matters | It studies about individual economic units like households, firms, consumers, etc. | It studies about an economy as a whole. |
| Deals with | It deals with how consumers or producers make their decisions depending on their given budget and other variables. | It deals with how different economic sectors such as households, industries, government and foreign sectors make their decisions. |
| Method | The major microeconomic variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc. | The major macroeconomic variables are aggregate price, aggregate demand, aggregate supply, inflation, unemployment, etc. |
| Variables | The major microeconomic variables are price, individual consumer’s demand, wages, rent, profit, revenues, etc. | The major macroeconomic variables are aggregate price, aggregate demand, aggregate supply, inflation, unemployment, etc. |
| Theories |
Various theories studied are:
|
Various theories studied are:
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NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
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Read MoreWelcome to the NCERT Solutions for Class 12 Micro Economics - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 8: Distinguish between microeconomics and macroeconomics.....
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