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

Detailed explanation-3: -There are three decision making units in a closed economy. These are households, firms and the government.

Detailed explanation-4: -Microeconomics is the branch of economics that focuses on the choices made by individual decision-making units in the economy-typically consumers and firms-and the impacts those choices have on individual markets.

Detailed explanation-5: -Microeconomics deals with the study of economics from the viewpoint of an individual unit and the study of individual variables and their relation with each other that influences a market place and its factors.