Question

Mention the importance of micro economics?

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Answer 1

It is an important method of economic analysis, 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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Answer 2

WHAT IS MICROECONOMICS?

• Microeconomics is the study of decisions made by people and businesses.
• It examines how a company could maximize its production and capacity so that it could lower prices and better compete in its industry.

WHY IS IT IMPORTANT?

• It describes how the economy as a whole functions.
• It helps to achieve the goal of economic growth, a higher GDP level, and higher level of employment.
• It tells us how a free market economy with its millions of consumers.
• The goal in microeconomics is to understand the behavior of individual units (i.e. businesses and consumers) enough to predict success.