Quick Answer: What Is Macro Economics And Micro Economics?

What is macro economics in economics?

Definition: Macroeconomics is the branch of economics that studies the behavior and performance of an economy as a whole.

It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation..

Who is the father of economics?

SamuelsonCalled the father of modern economics, Samuelson became the first American to win the Nobel Prize in Economics (1970) for his work to transform the fundamental nature of the discipline.

Who is called Father of Indian economics?

ListFieldPersonEpithetPoliticsB. R. AmbedkarFather of the Republic of India / Father of Modern IndiaPoliticsRaja Ram Mohan RoyFather of modern IndiaPoliticsPotti SreeramuluFather of Linguistic DemocracyEconomicsM.G.Ranade (Mahadev Govind Ranade)Father of Modern Economics23 more rows

Who is the mother of economics?

Amartya Sen has been called the Mother Teresa of Economics for his work on famine, human development, welfare economics, the underlying mechanisms of poverty, gender inequality, and political liberalism. 2.

Who is called economist?

An economist is an expert who studies the relationship between a society’s resources and its production or output. Economists study societies ranging from small, local communities to entire nations and even the global economy.

What is micro and macro economics with examples?

Microeconomics deals with various issues like demand, supply, factor pricing, product pricing, economic welfare, production, consumption, etc. Macroeconomics deals with various issues like national income, distribution, employment, general price level, money, etc.

What is macro and micro?

The word macro is used as an adjective which means something on a large-scale; overall. … Your lens has a macro setting for shooting big close-ups. Micro as noun: The word micro is used as a noun to describe various things like a microcomputer, a microprocessor and a very short miniskirt or mini dress.

What is Macroeconomics and examples?

An example of macroeconomics is the study of U.S. employment. The study of economic activity by looking at the economy as a whole. Macroeconomics analyzes overall economic issues such as employment, inflation, productivity, interest rates, the foreign trade deficit, and the federal budget deficit.

What are the examples of macro economics?

Examples of macroeconomic factors include economic outputs, unemployment rates, and inflation. These indicators of economic performance are closely monitored by governments, businesses and consumers alike.