ECONOMICS (CBSE/UGC NET)

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: -Behavioural economics is a blend of traditional neoclassical microeconomics and empirically motivated assumptions whose goal is a better understanding of economic behaviour. It can be divided into behavioural decision theory and behavioural game theory.

Detailed explanation-3: -Studies the behavior of individual households and firms making decisions regarding the allocation of limited or scarce resources.

Detailed explanation-4: -microeconomics, branch of economics that studies the behaviour of individual consumers and firms.

Detailed explanation-5: -What Is It? Microeconomics focuses on the role consumers and businesses play in the economy, with specific attention paid to how these two groups make decisions. These decisions include when a consumer purchases a good and for how much, or how a business determines the price it will charge for its product.