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Microeconomics and Macroeconomics | O Level Economics 2281 & IGCSE Economics 0455 | Detailed Free Notes To Score An A Star (A*)

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Lesson Objectives

  • Microeconomics
  • Macroeconomics

Microeconomics

  • It deals with the individual basic level of the economy
    • Thus, it is small scale
    • Usually, a particular sector of the economy is considered
  • The focus is on individual economic institutions
    • For example banks or money.
  • Understanding the behavior or individual products or individual decisions
    • For example the market mechanisms applying for the demand and supply on a particular product.
  • Scarcity is studied at individual level
    • How it affects producers or consumers
  • Important areas
    • Taxation
    • Individual Organization
  • The variables are considered for individual units
  • You are focusing on how products are priced
    • Or the use of individual factors of production for individual products
  • Main focus is
    • Supply
    • Demand
    • Scarcity
    • Firm’s individual revenue and demand
    • Individual firm’s costs of production

Macroeconomics

  • The complete structure of the economy is focused
    • Not individual levels
  • The performance of the overall economy is important here
  • We use terms like
    • Aggregate demand
    • Aggregate Supply
  • The focus is on the complete economy
    • For example the economic growth
    • The overall price level (instead the price of an individual product)
  • It is important for
    • Overall planning of the economy
    • To solve issues like unemployment
    • The case of international trade with other countries
  • We use terms like
    • Inflation
    • Unemployment rate
    • Labor force participation rate
    • Deflation rate
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Hunain Zia has previously achieved considerable success in the high-school educational stream, gaining a massive 154 Total A Grades and 7 Major Distinctions, a process in which he broke/ set 11 different world records, including the most A grades ever achieved, most subjects ever appeared in, most distinctions, gaining distinctions across two separate boards (Pearson Edexcel and CAIE) within the same year/ ever, and even 19 hours of constant examination. All records stand intact today. Hunain pursued his Honors Accounting Degree from the prestigious Bentley University, and then completed an LLB (in Honors) from University of London. Currently, he manages multiple social and commercial projects, has founded digital streams and works tirelessly in the education sector.

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