Q.1 what is the difference between
microeconomic and macroeconomic?
Answer.
a. Microeconomics
Is a branch of economics in which
there is the study of how the individual parts of the economy, made up of
households and firms, make decisions in
order to allocate a limited amount of resources? These decisions are
usually done in markets where goods and services are being bought and
sold. Microeconomics examines how all these decisions on
the individual part have an impact on the supply and
demand of goods, which in turn determine
price and which itself determines the supply and demand of
these goods and services.
Microeconomics is not just about how individual
parts affect the economy, but it is also about the effects of economic policies
like taxation on the economy. Microeconomics also has the goal of analyzing
market mechanisms in order to establish prices among goods and services and to
allocate limited resources through alternative uses.
b.
Macroeconomics
In contrast to microeconomics,
macroeconomics deals with the performance, behavior, decision-making and
structure of the entire economy. This can be the national economy, the regional
economy, or even the world economy. Typically, macroeconomics will look at GDP,
unemployment rates and price indexes to determine how the economy is
functioning. Macroeconomists will create models as well that look at the relationships
between:
- National
income
- Output
- Consumption
- Inflation
- Unemployment
- Savings
- International
trade
- International
finance
- Investments
Macroeconomics, by definition, is
very broad in its scope and study, but there are two areas where
macroeconomists will research. These are the attempt to understand the causes
and consequences of short-run fluctuations within a business cycle
and the attempt to understand the determinants of the increases in national
income.
Q.2 What is IMF? Where is it? The purpose
of IMF?
IMF - INTERNATIONAL MONETARY FUND.
The International Monetary Fund
(IMF) is an organization of 187 countries, working to foster global monetary
cooperation, secure financial stability, facilitate international trade,
promote high employment and sustainable economic growth, and reduce poverty
around the world.
An international organization created
for the purpose of:
1. Promoting global monetary and exchange stability.
2. Facilitating the expansion and balanced growth of international trade.
3. Assisting in the establishment of a multilateral system of payments for current transactions.
1. Promoting global monetary and exchange stability.
2. Facilitating the expansion and balanced growth of international trade.
3. Assisting in the establishment of a multilateral system of payments for current transactions.
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