Question 1:What is the difference between microeconomics and macroeconomics?

Answer:
Points of
Difference
Microeconomics
Macroeconomics

1.DefinitionIt is a branch of economics that
studies the economic variables at an individual level like the
households, the firms, the consumers etc.It is a branch of economics that
studies the economic variables of an economy as a whole.
3.Deals withIt deals with how consumers or the
producers make decisions depending on their given budget and other
variables.It deals with how different
economic sectors like households, industries and other government
and foreign sectors make their decisions.
4MethodThe method of partial equilibrium
(i.e. equilibrium in one market) is used.The method of general equilibrium
(i.e. equilibrium in all the markets, simultaneously) is used.
4.VariablesThe major variables involved are
price, consumer’s demand, wages, rent, profit, firm’s
revenue, cost, etc.The major variables involved are
aggregate demand, aggregate supply, inflation, unemployment,
poverty, etc.
5TheoriesVarious
theories studied are:1.Theory of Consumer’s Behaviour and Demand2. Theory of Producer’s Behaviour and Supply3. Theory of price Determination under different market conditionsVarious
theories studied are1. Theory of National Income2. Theory of Money3. Theory of General Price level
4. Theory of Employment
5. Theory of International trade

6Popularised byAlfred MarshalKeynes