BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A value that will purchase a finite quantity, weight, or other measure of a good or service.
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The study of how people make things, and trade wealth, with limited resources
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Place where goods and services are bought and sold for a price
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The part of economics that deals with individual choices, when individuals are both humans and businesses
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Detailed explanation-1: -Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.
Detailed explanation-2: -Microeconomics is based on models of consumers or firms (which economists call agents) that make decisions about what to buy, sell, or produce-with the assumption that those decisions result in perfect market clearing (demand equals supply) and other ideal conditions.
Detailed explanation-3: -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-4: -Micro economics is also called as the Price theory. It studies the behavior of individual consumers, producers etc. It explains consumption, production, allocation and the pricing of goods. Was this answer helpful?
Detailed explanation-5: -Consumer behaviour, profit maximization, market mechanism all come under the study of microeconomics.