The term “micro” means _____________
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As per Greek etymology, the term “micro” means small (as in microorganism).
In Economics there is a branch called microeconomics.
Microeconomics definition :
It is a branch of social science which study the behavior of an individual as the unit of economy.
Not only that, it helps in deriving a decision regarding the allocation of the available resources which are scarce.
It finally makes interactions between the individuals and the firms.
In Economics there is a branch called microeconomics.
Microeconomics definition :
It is a branch of social science which study the behavior of an individual as the unit of economy.
Not only that, it helps in deriving a decision regarding the allocation of the available resources which are scarce.
It finally makes interactions between the individuals and the firms.
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