BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Microeconomics studies the behavior of individual firms and consumers in the decision-making process for allocating resources and interactions with each other. So, microeconomics is mainly concerned with individuals, households, firms, or specific markets.

Detailed explanation-2: -Microeconomics is the branch of economics that focuses on the choices made by individual decision-making units in the economy-typically consumers and firms-and the impacts those choices have on individual markets.

Detailed explanation-3: -The approach of microeconomics starts with the decisions of an individual about the allocation of time and income. The impact of incentives on individual choices is a key part of economics. The approach of microeconomics then looks at the interactions of individuals directly and in markets.

Detailed explanation-4: -Microeconomics studies the study of economics from the view point of an individual unit. Price theory studies how prices of goods are determined in the commodity market and how process of factors of production are determined in the factor market. Thus micro economics is also known as price theory.

Detailed explanation-5: -Microeconomics focuses on supply and demand, and other forces that determine price levels, making it a bottom-up approach. Macroeconomics takes a top-down approach and looks at the economy as a whole, trying to determine its course and nature.