Explain the meaning of Micro Economics with the help of few important definitions.
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Explanation:
Adam smith is the father of Economics and there was no micro or macroeconomics before the Great Depression in 1930, but after the crisis, Economics is divided into micro and macro to understand Economics better.
Micro Economics is the study of individual behavior of the Economy. The microeconomics analysis is basically the optimization of parameters for maximum efficiency with minimal costs. That is, how to maximize welfare with minimal regrets
J.M Keynes is the fatter Macro Economics and macroeconomics is the study of Economy as a whole.
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