GENERAL KNOWLEDGE

Detailed explanation-1: -Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments. Though these two branches of economics appear different, they are actually interdependent and complement one another. Many overlapping issues exist between the two fields.

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: -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-4: -Microeconomics studies the behavior of individual people and businesses in order to understand why they make the economic decisions they do and how these decisions affect the larger economic system.