Cardinal utility VS Ordinal utility

Cardinal Utility	Ordinal Utility
1.Cardinal utility states that the satisfaction that the consumer derives by consuming goods and services can be measured with numbers.	1. Ordinal utility states that the satisfaction that the consumer derives from the consumption of goods and services cannot be measured in numbers
2. Cardinal utility is a quantitative measure	2. Ordinal utility is a qualitative measure.
3. In cardinal utility, it is assumed that consumers derive satisfaction through consumption of one good at a time.	3. in ordinal utility it is assumed that a consumer may derive satisfaction from the consumption of a combination of goods and services
4. Using Cardinal utility a customer can assign a number to a product that when consumed was able to satisfy their needs.	4. Using ordinal utility a customer can rank the products according to the level of satisfaction that was derived.
5. Cardinal utility is a quantitative method that is used to measure consumption satisfaction.	5. Ordinal utility is a qualitative method that is used to measure consumption satisfaction.

Utility in economics

Utility is an economic term referring to the total satisfaction received from consuming a good or service. More approximately Utility refers to the satisfaction that a consumer obtains from the purchase and use of commodities and services.

According to economics there are two theories that are able to measure the satisfaction of individuals. These are the cardinal utility theory and the ordinal utility theory.

Micro economics VS Macro economics

Remark	Micro economics	Macro economics
1.Definition	The branch of economics which deals with small unit of money system like- a consumer, a production institution etc. called micro economics.	The branch of economics which deals whole site as total consume cost, national income etc. called macroeconomics.
2.Meaning	Micro means very small	Macro means large or whole
3.Origin	The word micro comes from “Mikros”	The word macro comes from “Makros”
4.Discussion	It discusses the small side of economics	It discusses large side of economics
5.Relation of variables	The micro economical variables are related with units of money system	The macro economical variables are related with all money system
6.Equilibrium	It analyzes half equilibrium	It analyzes the whole equilibrium
7.Supporters	Classical and new classical economists	Modern economist

Economics

In simple term “economics is a social science which studies the production, consumption, and distribution of goods and services.” In broader sense “economics is the study of how individuals and groups make decisions with limited resources to satisfy their wants, needs and desire.

So, “economics studies the production, consumption and distribution of wealth in society.”