1. Microeconomics is the study of individual economic units such as households and firms, and how they make decisions and interact in markets. 2. Microeconomics helps determine demand and supply patterns, price determination, and formulate policies to improve resource allocation at the micro level for firms and consumers. 3. However, microeconomics has limitations and does not fully explain macroeconomic phenomena...
Read more ↓1. Microeconomics is the study of individual economic units such as households and firms, and how they make decisions and interact in markets. 2. Microeconomics helps determine demand and supply patterns, price determination, and formulate policies to improve resource allocation at the micro level for firms and consumers. 3. However, microeconomics has limitations and does not fully explain macroeconomic phenomena such as national income determination, business cycles, unemployment, and the effects of monetary and fiscal policy.
Read less ↑Tags: 1st Semester, BBA, Consumers, Demand and Supply, Firms, Market Interactions, Micro Economics, Notes, Price Determination, Resource Allocation
Category: Papers