Question

whats is known as miroeconomics

Answer 1

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MICROECONOMICS:-

Microeconomics is that part of economic theory, which studies the behaviour of individual units of an economy.

For ex:-
Individual income, Individual output, price of a commodity, etc.

It's main tools are Demand and Supply.

Answer 2

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MICROECONOMICS----------------


Micro means Small . MICROECONOMICS deals with Economic issue related to small economic units .

>An Individual Consumer.

>An Individual Producer.

>An Individual Firm.

>An Individual Industry.

>An Individual Market.


A Consumer is an important economic unit in the context of microeconomics .He faces the problem of choice (the problem of rational management of resources ).He is to use his resources (income)on the purchase of different goods in a manner such that he is able to maximize his satisfaction .

A Producer is another important economic unit in the context of microeconomics .He also faces the problem of choice .He is to choose the commodity he should produce so that his Profit are maximized .Also,he is to choose the technology that minimise his cost for the production of a commodity .



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