Explain and define profits in microeconomics
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Means economic activity at small level??
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Microeconomics is the study about the behavior of small economics unit, for an example, individual consumers or households. Microeconomics is behavior of individual units. Microeconomics main concern is about the factors that affects an individual economics choice.
Other than that, economics also can be said as branch of social science that can read the production distribution and the consumption of goods and service. Economics also include scarcity, choice, households, goods and productions as a definition. Economics system are studies of the method and institution where societies determine about the ownership, direction and allocation of economics. There are three types of economics system;
Socialist system is a system that can be defined as a centrally planned or can be said as command economics. This system is fully controlled by the government. All the choice about resources are all made by the government.
Capitalist system means free market economics. This system is like a freedom economy. This is because of the decisions made by the people. This system is mainly about the people in the country
Other than that, economics also can be said as branch of social science that can read the production distribution and the consumption of goods and service. Economics also include scarcity, choice, households, goods and productions as a definition. Economics system are studies of the method and institution where societies determine about the ownership, direction and allocation of economics. There are three types of economics system;
Socialist system is a system that can be defined as a centrally planned or can be said as command economics. This system is fully controlled by the government. All the choice about resources are all made by the government.
Capitalist system means free market economics. This system is like a freedom economy. This is because of the decisions made by the people. This system is mainly about the people in the country
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