BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
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We mainly study the following in Micro-Economics:
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General price level
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National income and output
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Demand of industry
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Employment and economic growth
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Explanation:
Detailed explanation-1: -Definition: Microeconomics is the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Detailed explanation-2: -Consumer behaviour, profit maximization, market mechanism all come under the study of microeconomics.
Detailed explanation-3: -Microeconomics uses slicing method for the in-depth study of economic units. It divides or slices the economy into smaller units such as individuals, household firms etc.
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