How Do The Concepts Of Output, Price And Income Differ In Macroeconomics Versus Microeconomics?


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In microeconomics, output is how much the supplier produces,price of an individual good is set by the firm or the markt and income refers to that of a household.

In macro, income is the total amount earned by all households in that economy. Price is the average price of all goods in the economy and output is the total output (National GDP)

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