BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Slicing method
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Bulldozer method
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Micro-macro method
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Micro foundation of macro method
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Detailed explanation-1: -Microeconomics deals with the study of individual economic units. It uses ‘slicing method’, i.e, it splits up the entire economy into smaller parts for the purpose of intensive study.
Detailed explanation-2: -If Adam Smith is the father of economics, John Maynard Keynes is the founding father of macroeconomics.
Detailed explanation-3: -Micro economics splits or divides the economy into small individual units and then studies each unit separately in detail.
Detailed explanation-4: -Method of Microeconomics There are some core methods used in the microeconomic study, the general equilibrium theory and partial equilibrium theory are parts of these methods. Although these theories are categorized as the neoclassicist microeconomic theories, they are crucial methods for microeconomics study.