Question

define micro economics?

Answer 1

Answer: Micro economics is a branch of Economics which deals with Economic problems at micro level.

Explanation: Micro mean "small" at individual level, it is a social science which deals with economic priblems at individual level eg. No. Tigers in Sunderbans is micro and no. Of tigers in India will be considered in macro

Answer 2

Microeconomics is a study of social science which is implication of human action.

Explanation:

• Microeconomics is purely normative science. It is more complete advance and settled science.
• Microeconomics deals with "prices and production" in single markets and "interaction" between different markets.
• Macro-economists use mathematics as language to calculate theories.
• Their study is about general equilibrium theory.
• The basic concept of microeconomics that is production theory, utility theory, price theory, industrial organization.