what is the importance of studying microeconomics?
Answers
The significance of microeconomics is discussed below: This approach of economics helps us study and understand the practical working of the economy. The entire economy is complex and complicated for a layman to analyze. However, microeconomics facilitates easy comprehension of the economic system.
The study of macroeconomics is very important for evaluating the overall performance of the economy in terms of national income. The national income data helps in anticipating the level of fiscal activity and understanding the distribution of income among different groups of people in the economy.
Answer:
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.
It helps in various ways also:-
Helpful in development of International trades.
Basis of welfare economics which also means understanding the price theory.
It also provide tools to analyse & evaluate economic policies.
Helpful in efficient employment of resources.
Normally it is being devided into three different categories:
Micro statistics where we compare or study the relationship between 2 or more micro variables at a time. Like change in price, demand & supplies.
Comparative micro statistics where we study about how equilibrium is attained.
Micro dynamics where we study by which we study how economic reaches from one equilibrium to another.
At the it is very important to understand the modern economic.
P.s - Some knowledges are from School books which is always very helpful.
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