The study of jute industry is a macroeconomic study. This statement is...
Micro economics deals with determination of prices and quantities in individual markerts and with the relationship among these markets.
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The study of jute industry is a macroeconomic study. This statement is...
False
Jute industry is a microeconomic study and not a macroeconomic study. Here's why:
Microeconomics vs. Macroeconomics
- Microeconomics focuses on individual economic agents such as households, firms, and industries. It examines the behavior of these agents and how their decisions impact the allocation of resources. The study of jute industry falls under microeconomics as it analyzes the production, consumption, and pricing decisions of jute producers and consumers.
- Macroeconomics, on the other hand, deals with the economy as a whole. It looks at aggregates such as GDP, unemployment rate, inflation, and government policies that affect the overall economy. Jute industry does not encompass the entire economy, so it does not fall under the realm of macroeconomics.
Factors to consider in jute industry
- In studying the jute industry, factors such as supply and demand for jute products, market structure, government regulations, and technological advancements are considered. These factors are specific to the jute industry and do not have direct implications on the overall economy.
Conclusion
In conclusion, the study of the jute industry is a microeconomic study because it focuses on the interactions of individual agents within the industry rather than the broader economic indicators that fall under macroeconomics.
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