GENERAL KNOWLEDGE

Detailed explanation-1: -Microeconomics studies the behavior of individual firms and consumers in the decision-making process for allocating resources and interactions with each other. So, microeconomics is mainly concerned with individuals, households, firms, or specific markets.

Detailed explanation-2: -The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.

Detailed explanation-3: -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-4: -the entire economy. Macroeconomics is one of the branches of economics in which the aggregate behavior of an economy is studied as a whole. Thus, this branch helps an economy to consider and take behavior by looking at the point of view of the entire economy.

Detailed explanation-5: -The study of economics at an individual level is Microeconomics.