The correct option is 2 and 3 only.
Explanation
In economics, decision-makers are categorized based on the scope of their influence. Microeconomic decision-makers include individuals, households, and firms acting in their own self-interest (maximizing utility or profit). Macroeconomic decision-makers are institutional entities responsible for the overall stability and welfare of the economy.
Statement-wise Analysis
- Statement 1 is Incorrect. Macroeconomic decision-makers do not consist of private entrepreneurs and households; those are microeconomic agents. Instead, macroeconomic decision-makers are the State itself or statutory bodies such as the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and similar institutions.
- Statement 2 is Correct. These institutional bodies regulate and direct the deployment of economic resources to address public needs, such as controlling inflation, ensuring employment, and maintaining financial stability, rather than focusing on individual transactions.
- Statement 3 is Correct. The objectives of macroeconomic decision-makers extend beyond individual self-interest. While private agents aim for profit or personal satisfaction, macro agents pursue collective goals like economic growth, price stability, and social welfare.
Key Takeaway
Macroeconomic decision-makers are the State and statutory bodies (e.g., RBI, SEBI) that focus on public welfare and national economic goals, distinct from microeconomic agents (households, firms) who act based on self-interest.