Question

discuss the importance of the study of microeconomics? 13 Mark's long answer​

Answer 1

The study of macroeconomics is very important for evaluating the overall performance of the economy in terms of national income. The national income data helps in anticipating the level of fiscal activity and understanding the distribution of income among different groups of people in the economy. Today microeconomics occupies a very important place in the study of economic theory. ... It is microeconomics that tells us how a free market economy with its millions of consumers and producers work to decide about the allocation of productive resources among the thousands of goods and services.”

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