Question

A study of the annual income of the family of ramesh which concept is used in this illustration and explain it

Answer 1

Answer:

The concept used is Micro Economics

Explanation:

Micro economicsis a branch of science which studies individual prices, wages, salaries, household incomes etc.

So the concept used is MICRO ECONOMICS.

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Answer 2

The concept that is used to explain the annual income is Micro Economics

Explanation:

• Microeconomics mostly focuses on demand and supply which determines the levels in the economy.
• It is described as the study in economics of different decisions that are made in businesses and by people which regards the allocation of prices of goods, resources and services.
• It also has different principles like production theory, costs of production and supply, demand and equilibrium.
• Additionally in microeconomics the price of services and goods is determined by the resources cost.

To learn more

What is Micro economics?

brainly.in/question/4180178

Briefly illustrate the distinction between macro and micro economics

brainly.in/question/14257991