NTA CUET- UG 2024 Economics|Fully solved 2023 paper | Chapterwise summed pointers for revision | Digital Question Bank & Mock Tests

CHAPTER 1

Introduction to Microeconomics

“Microeconomics is about money you don’t have, and macroeconomics is about money the government is out of.”

—P. J. O’Rourke

Topics Covered

• What is microeconomics?
• Central problems

CHAPTER AT A GLANCE

1. Microeconomics studies the behaviour of individual economic agents within the economy, like households, workers, and businesses. Example: Demand of an individual consumer for chocolates, production of toothpaste in a toothpaste factory, price of wheat, supply of shoes, etc.
2. Macroeconomics studies the behaviour of the economy as a whole. Example: Growth of output in the economy, ­inflationary tendency in the economy, the number of unemployed in the economy, etc.
3. Microeconomics and macroeconomics are ...