GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A value that will purchase a finite quantity, weight, or other measure of a good or service.
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The study of how people make things, and trade wealth, with limited resources
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Place where goods and services are bought and sold for a price
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The part of economics that deals with individual choices, when individuals are both humans and businesses
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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 is based on models of consumers or firms (which economists call agents) that make decisions about what to buy, sell, or produce-with the assumption that those decisions result in perfect market clearing (demand equals supply) and other ideal conditions.
Detailed explanation-3: -Micro economics is also called as the Price theory. It studies the behavior of individual consumers, producers etc. It explains consumption, production, allocation and the pricing of goods. Was this answer helpful?