Difference between microeconomics and macroeconomics

micro-macro-economics

Readers Question: Could you differentiate between micro economics and macro economics? Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms. Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as …

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The relationship between economics and politics

Readers question: Why cannot politics and economics be seen in isolation? Economics is concerned with studying and influencing the economy. Politics is the theory and practice of influencing people through the exercise of power, e.g. governments, elections and political parties. In theory, economics could be non-political. An ideal economist should ignore any political bias or …

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Sciences and subjects related to economics

economics-other-subjects

This is a review of economics and its relationships with other social sciences and subjects, such as philosophy, politics, maths, physics, anthropology, psychology and sociology. Also, to what extent does economics benefit from expanding into other subjects? What is economics? Economics a social science that studies the production, consumption and distribution of goods and services. …

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Microeconomics Models and Theories

Microeconomics is concerned with the economic decisions and actions of individuals and firms. Within the broad church of microeconomics, there are different theories that emphasise certain assumptions and expectations of economic behaviour. The most important theory is neo-classical theory, which places emphasis on free-markets and the assumption individuals are rational and seek to maximise utility. …

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Branches of economics

branches-of-economics

Economics is a broad subject concerned with the optimal distribution of resources in society. Within the subject, there are several different branches which focus on different aspects. Also, there are different schools of thought which generally have different views on aspects of economics. The first way to split economics is microeconomics and macroeconomics. Microeconomics – …

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Basic questions of economics

The fundamental economic problem is one of scarcity. The basic questions of economics become: What to produce? How to produce? For whom to produce? You could also add When to produce?   What to produce? Given limited resources of labour, raw materials and time, economic agents have to decide what to produce. Most primitive economies …

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Keynesian economics

The essential element of Keynesian economics is the idea the macroeconomy can be in disequilibrium (recession) for a considerable time. To help recover from a recession, Keynesian economics advocates higher government spending (financed by government borrowing) to kickstart an economy in a slump. Keynesian economics includes Disequilibrium in macroeconomy (insufficient demand) Imperfect labour markets (e.g. …

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CIE A level economics revision guide

CIE-A-Level-Economics-Revision-Guide-2015-V1
  • Specific Cambridge International (CIE) A-level economics revision guide (units 1,2,3,4) – just £8.95
  • Updated for current CIE economics syllabus.
  • E-book (comes in pdf format shortly after purchase.)
  • Trademark simplicity and clarity of presentation.
  • Significantly expanded on previous version, with not just required knowledge, but also examples of evaluation for each topic.
  • For schools – See: Network License – A-level CIE Economics (£105.00) (allowing unlimited use)
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