GENERAL KNOWLEDGE

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 is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners.

Detailed explanation-3: -Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.

Detailed explanation-4: -Microeconomics has applications in trade, industrial organization and market structure, labor economics, public finance, and welfare economics. Macroeconomics is the study of the decisions of countries and governments. The term analyzes entire industries and economics rather than individuals or specific companies.