Question

What are the reason that corporates and government considers micro economics? ​

Answer 1

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Microeconomics is the social science that studies the implications of incentives and decisions, specifically about how those affect the utilization and distribution of resources. Microeconomics shows how and why different goods have different values, how individuals and businesses conduct and benefit from efficient production and exchange, and how individuals best coordinate and cooperate with one another. Generally speaking, microeconomics provides a more complete and detailed understanding than macroeconomics.

Microeconomic concepts

• marginal utility and demand.
• diminishing returns and supply.
• elasticity of demand.
• elasticity of supply.
• market structures (excluding perfect competition and monopoly)
• role of prices and profits in determining resource allocation.

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Answer 2

Explanation:

Economists, however, identify six major functions of governments in market economies. Governments provide the legal and social framework, maintain competition, provide public goods and services, redistribute income, correct for externalities, and stabilize the economy.