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Identify the correct statement :
- a)In deductive method logic proceeds from the particular to the general.
- b)Micro and Macro-Economics are interdependent.
- c)In a capitalist economy, the economic problems are solved by Planning Commission.
- d)Higher the prices lower is the quantity demanded of a product is a normative statement.
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Identify the correct statement :a)In deductive method logic proceeds f...
Interdependence of Micro and Macro-Economics
Micro and Macro-Economics are two interdependent branches of economics. They are related to each other in various ways. Let's understand this in detail.
What is Micro-Economics?
Micro-Economics deals with the study of individual economic agents such as households, firms, and industries. It primarily focuses on the determination of prices and quantities in individual markets. It also analyzes the behavior of consumers and producers in the market.
What is Macro-Economics?
Macro-Economics deals with the study of the economy as a whole. It primarily focuses on the determination of national income, employment, and price level. It also analyzes the performance of the economy in terms of growth, inflation, and recession.
Interdependence of Micro and Macro-Economics
1. Aggregate Demand and Supply
The aggregate demand and supply of an economy are determined by the sum of individual demand and supply in various markets. Therefore, the behavior of individual consumers and producers in the market affects the overall demand and supply of the economy.
2. Price Level and Inflation
The price level and inflation of an economy are determined by the overall demand and supply of goods and services in the economy. Therefore, the behavior of individual consumers and producers in the market affects the price level and inflation of the economy.
3. Economic Growth and Development
The economic growth and development of an economy are determined by the overall performance of the economy in terms of production, employment, and investment. Therefore, the behavior of individual firms and industries affects the overall growth and development of the economy.
Conclusion
In conclusion, Micro and Macro-Economics are interdependent branches of economics. They are related to each other in various ways. Therefore, it is important to study both Micro and Macro-Economics to understand the functioning of the economy as a whole.
Micro and Macro-Economics are two interdependent branches of economics. They are related to each other in various ways. Let's understand this in detail.
What is Micro-Economics?
Micro-Economics deals with the study of individual economic agents such as households, firms, and industries. It primarily focuses on the determination of prices and quantities in individual markets. It also analyzes the behavior of consumers and producers in the market.
What is Macro-Economics?
Macro-Economics deals with the study of the economy as a whole. It primarily focuses on the determination of national income, employment, and price level. It also analyzes the performance of the economy in terms of growth, inflation, and recession.
Interdependence of Micro and Macro-Economics
1. Aggregate Demand and Supply
The aggregate demand and supply of an economy are determined by the sum of individual demand and supply in various markets. Therefore, the behavior of individual consumers and producers in the market affects the overall demand and supply of the economy.
2. Price Level and Inflation
The price level and inflation of an economy are determined by the overall demand and supply of goods and services in the economy. Therefore, the behavior of individual consumers and producers in the market affects the price level and inflation of the economy.
3. Economic Growth and Development
The economic growth and development of an economy are determined by the overall performance of the economy in terms of production, employment, and investment. Therefore, the behavior of individual firms and industries affects the overall growth and development of the economy.
Conclusion
In conclusion, Micro and Macro-Economics are interdependent branches of economics. They are related to each other in various ways. Therefore, it is important to study both Micro and Macro-Economics to understand the functioning of the economy as a whole.
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Identify the correct statement :a)In deductive method logic proceeds f...
In micro economics we study about individual unit issue and in macro we study about Economics as a whole so macro depends upon micro or vice versa
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Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer?.
Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer?.
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Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Identify the correct statement :a)In deductive method logic proceeds from the particular to the general.b)Micro and Macro-Economics are interdependent.c)In a capitalist economy, the economic problems are solved by Planning Commission.d)Higher the prices lower is the quantity demanded of a product is a normative statement.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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