Question

Discuss the nature ,subject matter and scope of microeconomics.(10 Mark)​

Answer 1

Answer:

Answered by Waymaker

• Scope of Economics
• Microeconomics: The part of economics whose subject matter of study is individual units, i.e. a consumer, a household, a firm, an industry, etc. It analyses the way in which the decisions are taken by the economic agents, concerning the allocation of the resources that are limited in nature.

• Nature of Microeconomics  Study of the economic behavior of individual units of an economy (such as a person, household, firm, or industry)  Microeconomics is primarily concerned with the factors that affect:  Individual economic choices,  The effect of changes in these factors on the individual decision makers,  .

• Scope:-Scope And Purpose Of Microeconomics And Its Significance In Business Decision Making. ... Microeconomics refers to the study of individualistic economic behavior at the time of making economic decisions. It studies an individual consumer, producer, manager or a firm, price of a particular commodity or a household.