What is the micro economics?



Himesh RJ

Definition of Microeconomics

Microeconomics is concerned with the behavior of individual households, business firms, and governments and how they interact with each other. It starts by thinking about how individuals make decisions, e.g - how firms choose how much to produce or what kind of products to produce is a microeconomics question.

Definitions of Economics

Economics is the "study of how societies use scarce resources to produce valuable commodities and distribute them among different people".

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