micro and macro economics distinguish between

A good way to look at this is just think about the definition of inflation.

Households are essentially consumers and since its plural its talking about consumers overall. Average wage rate paid to TEXTILE workers is also micro because it involves a single market not a range of markets. Subsidies paid to farmers are microeconomics because it deals with just one market (the agriculture market) so its microeconomics. Had it just been consumer spending in a certain market then that is microeconomics. Consumer spending reflects several markets not just one. So anything that has to do with any of these 4 components is part of macroeconomics. Aggregate demand includes everything from consumer spending to government spending to net exports to investment. Macroeconomics deals with AGGREGATE demand and supply. Much help is appreciated! Thank you in advance! (: Is the statement 'Consumers seek to get the best value for money from the goods they buy' considered as a rational economic decision? I said False but it turned out to be True. Isn't it true that anything related to key words like 'consumers', 'firms', and 'industries' are considered as Micro? Or have I been living a lie all this while? *gasp H) The amount saved last year by UK households

G) The total amount spent by UK consumers on clothing and footwear Which of the following are microeconomic issues/topics and which were macroeconomic ones?į) The average wage rate paid to textile workers But after receiving my marks yesterday, I thought wrong.ġ.

To my understanding, anything to do with the behaviour of individual consumers, firms, and industries were considered as MICRO, and anything else were considered as MACRO. I had an Economics quiz last week and there was this one question which asked us to determine whether the statement referred to Micro or Macroeconomics.

Micro and macro economics distinguish between