ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Here are some examples of microeconomics: How a local business decides to allocate their funds. How a city decides to spend a government surplus. The housing market of a particular city/neighborhood.

Detailed explanation-2: -Microeconomics is that branch of economics that deals with the behaviour of individuals, firms and households in decision making and resource allocation. Examples of microeconomics factors are supply and demand.

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: -Consumer’s equilibrium is the example of micro-economic variable. Consumer Equilibrium allows a consumer to obtain maximum satisfaction possible from his income.

Detailed explanation-5: -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.