what's the definition of microeconomics?
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Micro is a Greek word meaning ‘small’. Thus, microeconomics means economics of small.
The part of economics concerned with single factors and the effects of individual decisions.
Microeconomics is that part of economic theory which deals with the behaviour of individual units of an economy such as a household, a firm, etc.
It is the analysis of economy’s constituent elements—households, firms and industries.
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The part of economics concerned with single factors and the effects of individual decisions
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