concept studied under micro economics
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microeconomics
The term micro is derived from the Greek word mikros, which means small Macroeconomics is that branch of economics, which studies an economic or decision making unit and considers in detail the behavior of that particular unit. So it studies the economic actions and behavior of individual units and small groups of individual units . Microeconomics is also known as partial analysis. Microeconomics also examines whether the resources are effectively allocated to individual consumers and producers in the economy. This is related to the study of welfare economics. The scope of microeconomics is concerned with product pricing, factor pricing and theory of economic welfare. Microeconomics can be used to examine the conditions of economic welfare and it suggests the required changes to bring maximum social benefits.
The three major fields covered by microeconomics are theory of product pricing, theory of factor pricing, and theory of welfare. Moreover despite the fact that the models of microeconomics theory are only crude approximately to the real world, there is a value in studying analytical techniques....