Economics is the study of how individuals or societies choose to use scarce resources that nature and previous generations have provided.
Microeconomics is the branch of economics which examines the functioning of individual industries and the behaviors of individual decision making units like business firms and households etc.
The scope of microeconomics is as follows:
Microeconomics is the branch of economics which examines the functioning of individual industries and the behaviors of individual decision making units like business firms and households etc.
The scope of microeconomics is as follows:
- Production: Output in industries & businesses
- Prices: Prices of individual goods and services
- Income: Distribution of wealth & income
- Employment: By businesses & industries.
