ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A
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B
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C
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D
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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: -Microeconomics deals with the study of individual variables like firms, workers, consumers, and investors on how they interact with each other and influence various factors in the market like price of a commodity.
Detailed explanation-3: -Macroeconomics in its modern form is often defined as starting with John Maynard Keynes and his theories about market behavior and governmental policies in the 1930s; several schools of thought have developed since.
Detailed explanation-4: -The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics.