Question

Why allocation of resources is studied under microeconomics? ​

Answer 1

Explanation:

Micro economics analyses how the scare resources are allocated efficiently to the production of goods and services. It helps in resolving the central economic problems of the economy at an individual level. Allocation of resource involves what to produce, how to produce and how much to produce. Efficiency in the allocation of resources is attained when the resources are so allocated that maximises the satisfaction of the people.