Question

1, Discuss the difference between microeconomics versus macroeconomics with illustration.

2, Discuss the production process, cite a specific product example and show it with illustration.

Answer 1

ANSWER-1)

Macro economics analyses the economy as whole (which means aggregated production, savings, consumption, and investment) and diversified issues affecting it. For example, the United Nations Industrial Development Organization stated that more diversified economies will not be much volatile in terms of outputs, and lower output volatility is linked with higher economic growth.

Micro economics analyses and examines the behaviour of basic elements in the economy, including individual agents (example, firms, buyers, households, and sellers) and markets, their interactions, and the interactions outcomes. For example The diversified government subsidies effect on prices of sugar would be examined and analysed by micro-economist.