March 17, 202506:16:53 PM

What is Micro-Economics ?

Micro-economics
It is that branch of economics which studies the inter-relationship of individual economic units i.e. households, firms, and industries in the  production, consumption, exchange and distribution of goods and services.
                 OR
The study of behavior of individual consumer or a firm or an industry .




Area Of Micro-Economics:

  • Individual consumer's behavior .
  • Price of one product or commodity .
  • Demand supply analysis for goods and services.
  • One individual consumer's income and his consumption.
  • Individual firm's location, revenue, cost & profit.
  • Individual factor of production & remuneration of individual factor of production.


Importance: 
  • Helpful in understanding the working of private enterprise in the economy.
  • Helps in knowing the conditions of efficiency.
  • Information about the working of an economy without the created control .
  • Study welfare of individual, household and consumer sector of the economy. 


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