Question

Aspect considered in Micro Economics. *

Answer 1

Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.

Microeconomics is generally understood by studying scarce resources, money prices, and the supply and demand of goods and services in order to gain a better understanding of the economy.

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