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Microeconomics and Macroeconomics: Introduction — Concept Maps

ICSE · Class 12 · Economics

4 concept maps of Microeconomics and Macroeconomics: Introduction for ICSE Class 12 Economics, each also written out as a text outline.

70 questions28 flashcards5 concepts

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4 Concept Maps

Overview: Microeconomics vs Macroeconomics

Overview: Microeconomics vs Macroeconomics

The map in words

  • Economics
    • Microeconomics
      • Meaning
        • Greek mikros means small
        • Studies individual units
      • Examples
        • Individual consumer
        • Single firm
        • One industry
      • Also Called
        • Price Theory
      • Mechanism
        • Price mechanism
      • Assumption
        • Macro variables constant
    • Macroeconomics
      • Meaning
        • Greek makros means large
        • Studies whole economy
      • Examples
        • National income
        • Aggregate demand
        • Total employment
      • Also Called
        • Income and Employment Theory
      • Mechanism
        • Income instrument
      • Assumption
        • Micro variables constant
    • Interdependence
      • Macro depends on Micro
        • National income is sum of individual incomes
      • Micro depends on Macro
        • Wage rate influenced by overall wages

How to Correctly Classify a Variable as Micro or Macro

How to Correctly Classify a Variable as Micro or Macro

The map in words

  • Economic Variable to Classify
    • Is it about a single individual unit?
      • Yes - one consumer, firm, or industry: MICROECONOMICS
        • Examples: Price of wheat, Consumer equilibrium, Wages in auto industry, Output of a firm
      • No - involves the whole economy: Is it an aggregate or economy-wide measure?
        • Yes - national income, total output, price level: MACROECONOMICS
          • Examples: GDP, Rate of inflation, Money supply, Foreign exchange rate, Unemployment rate
        • Unsure - check context: Does it affect or represent the economy as a whole?

Complete Chapter Concept Map: Microeconomics and Macroeconomics

Complete Chapter Concept Map: Microeconomics and Macroeconomics

The map in words

  • Economics
    • Key Terms
      • Scarcity
        • Lack of Resources
      • Resources
        • Land
        • Labour
        • Capital
        • Entrepreneurship
      • Economy
        • Economic Activities of Region
    • Microeconomics
      • Meaning
        • Greek mikros means small
        • Study of Individual Units
      • Characteristics
        • Individual Economic Units
        • Micro Variables Only
        • Price Determination
      • Also Called
        • Price Theory
      • Examples
        • Individual Consumer
        • Individual Firm
        • Single Industry
    • Macroeconomics
      • Meaning
        • Greek makros means large
        • Study of Aggregates
      • Characteristics
        • Macro Units of Economy
        • Whole Economy Study
        • Macro Variables
      • Also Called
        • Income and Employment Theory
      • Examples
        • National Income
        • Total Employment
        • Aggregate Demand
        • General Price Level
    • Distinction
      • Scope
        • Micro: Resource Allocation
        • Macro: National Income
      • Mechanism
        • Micro: Price Instrument
        • Macro: Income Instrument
      • Assumptions
        • Micro: Macro vars constant
        • Macro: Micro vars constant
    • Interdependence
      • Macro depends on Micro
        • Aggregate Demand from Individual Demand
        • National Income from Individual Incomes
      • Micro depends on Macro
        • Wages influenced by Economy
        • Prices influenced by General Level

Economics under scarcity is divided into microeconomics and macroeconomics

Economics under scarcity is divided into microeconomics and macroeconomics

The map in words

  • Economics under scarcity is divided into microeconomics and macroeconomics
    • Scarcity
    • Resources
    • Economy
    • Microeconomics
    • Macroeconomics
    • Origin of terms
    • Definitions by K E Boulding
    • Difference between branches

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Frequently Asked Questions

What are the important topics in Microeconomics and Macroeconomics: Introduction for ICSE Class 12 Economics?
Key topics in Microeconomics and Macroeconomics: Introduction include Basic Ideas in Economics, Meaning and Features of Microeconomics, Meaning and Features of Macroeconomics, Distinction Between Microeconomics and Macroeconomics. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Microeconomics and Macroeconomics: Introduction show?
The 4 maps show how the ideas in Microeconomics and Macroeconomics: Introduction connect: Overview: Microeconomics vs Macroeconomics; How to Correctly Classify a Variable as Micro or Macro. Each map is also written out as an outline on this page.
How should I revise Microeconomics and Macroeconomics: Introduction for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 70 practice questions on Microeconomics and Macroeconomics: Introduction. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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