Question

Q.4. Answer the following:
1) Explain the features of Micro economics.
2) Explain the importance of Macro economics.
3) Explain the scope of Macro economics.​

Answer 1

Explanation:

As mentioned above, Microeconomics is a branch of economics that deals with individual units of the economy. It involves its field of study on individual units like the consumer, or the household. The subject deals with problems associated with determining the price of a commodity. These direct or indirect factors affect the demand and supply of a commodity and the procurement of the satiety level of an individual. The main aim of microeconomics is maximizing profit and minimizing the costs incurred. This utilized in such a way that it is available to future generations and that there is an equilibrium.

You may also read our article on Scope of Economics.

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