In modern approach economics is divided into two parts i.e.
microeconomics and macroeconomics.
Microeconomics consists, determination prices, we divided the
study of economics into consumption, production Exchange, etc. They are all
covered by price theory. It is the study of individual units of the economy
such as firm, industry, particular household, particular income, prices, wages,
etc. It explains the process of factor of pricing and product pricing, etc.
Macroeconomics deals with the national aggregate such as
national income, output, total consumption, saving, investment, total
employment, multiplier, total money supply, inflation, deflation, trade cycles,
etc. Increasing attention has been given to the analysis of the economic system
as a whole. It studies aggregates or average of the entire economy.
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