20 Differences (Exact Content as Provided)
Microeconomics vs Macroeconomics
Microeconomics Macroeconomics
Microeconomics studies the behaviour of Microeconomics studies the behaviour of
individual consumers and firms. individual consumers and firms.
Macroeconomics studies the behaviour of Macroeconomics studies the behaviour of
the entire economy based on aggregate the entire economy based on aggregate
demand and factors. demand and factors.
Individual economic variables Individual economic variables
Aggregate economic variables Aggregate economic variables
Slicing Method vs Lumping Method
Slicing Method Lumping Method
It splits up the entire economy into small It splits up the entire economy into small
individual units. individual units.
It splits up the entire economy into big lumps It splits up the entire economy into big lumps
(sectors). (sectors).
It uses micro variables, for example, It uses micro variables, for example,
individual income and individual output. individual income and individual output.
It uses macro variables, for example, It uses macro variables, for example,
aggregate output and national income. aggregate output and national income.
Partial Equilibrium vs General Equilibrium
Partial Equilibrium General Equilibrium
Partial equilibrium refers to equilibrium in Partial equilibrium refers to equilibrium in
one market, assuming that there is no one market, assuming that there is no
change in other markets change in other markets
, General equilibrium is the method of General equilibrium is the method of
studying equilibrium in different markets studying equilibrium in different markets
simultaneously simultaneously
It assumes that other things remain constant It assumes that other things remain constant
It assumes that the variables are dependent It assumes that the variables are dependent
on each other on each other
Utility vs Satisfaction
Utility Satisfaction
It is the want satisfying power of a It is the want satisfying power of a
commodity. commodity.
It is the feeling of happiness derived by the It is the feeling of happiness derived by the
consumer. consumer.
It is the anticipated level of satisfaction. It is the anticipated level of satisfaction.
It is actually realised by the consumer. It is actually realised by the consumer.
Utility vs Usefulness
Utility Usefulness
Utility is the capacity of a commodity to Utility is the capacity of a commodity to
satisfy human wants satisfy human wants
Anything (goods or services) are useful if Anything (goods or services) are useful if
they satisfy human want and generate they satisfy human want and generate
human welfare. human welfare.
The term utility is subjective in nature as it The term utility is subjective in nature as it
changes from person to person, from place changes from person to person, from place
to place and from time to time. to place and from time to time.
The term usefulness is absolute in nature, it The term usefulness is absolute in nature, it
never changes. never changes.
Total Utility vs Marginal Utility
Microeconomics vs Macroeconomics
Microeconomics Macroeconomics
Microeconomics studies the behaviour of Microeconomics studies the behaviour of
individual consumers and firms. individual consumers and firms.
Macroeconomics studies the behaviour of Macroeconomics studies the behaviour of
the entire economy based on aggregate the entire economy based on aggregate
demand and factors. demand and factors.
Individual economic variables Individual economic variables
Aggregate economic variables Aggregate economic variables
Slicing Method vs Lumping Method
Slicing Method Lumping Method
It splits up the entire economy into small It splits up the entire economy into small
individual units. individual units.
It splits up the entire economy into big lumps It splits up the entire economy into big lumps
(sectors). (sectors).
It uses micro variables, for example, It uses micro variables, for example,
individual income and individual output. individual income and individual output.
It uses macro variables, for example, It uses macro variables, for example,
aggregate output and national income. aggregate output and national income.
Partial Equilibrium vs General Equilibrium
Partial Equilibrium General Equilibrium
Partial equilibrium refers to equilibrium in Partial equilibrium refers to equilibrium in
one market, assuming that there is no one market, assuming that there is no
change in other markets change in other markets
, General equilibrium is the method of General equilibrium is the method of
studying equilibrium in different markets studying equilibrium in different markets
simultaneously simultaneously
It assumes that other things remain constant It assumes that other things remain constant
It assumes that the variables are dependent It assumes that the variables are dependent
on each other on each other
Utility vs Satisfaction
Utility Satisfaction
It is the want satisfying power of a It is the want satisfying power of a
commodity. commodity.
It is the feeling of happiness derived by the It is the feeling of happiness derived by the
consumer. consumer.
It is the anticipated level of satisfaction. It is the anticipated level of satisfaction.
It is actually realised by the consumer. It is actually realised by the consumer.
Utility vs Usefulness
Utility Usefulness
Utility is the capacity of a commodity to Utility is the capacity of a commodity to
satisfy human wants satisfy human wants
Anything (goods or services) are useful if Anything (goods or services) are useful if
they satisfy human want and generate they satisfy human want and generate
human welfare. human welfare.
The term utility is subjective in nature as it The term utility is subjective in nature as it
changes from person to person, from place changes from person to person, from place
to place and from time to time. to place and from time to time.
The term usefulness is absolute in nature, it The term usefulness is absolute in nature, it
never changes. never changes.
Total Utility vs Marginal Utility
