What you know about micro economics
Micro – a word which is firstly used
by Ragner Frisch. In micro economics, we include the economic activity at micro
level or unit level or individual level. Micro economic cover all its
financials activities at lower levels. It also analysis them & find out
some meaning-full outcomes. In other words, we can say that it is a study about
“special firm, special family, individual incomes, prices or special goods and
services”.
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| What you know about micro economics |
It is a wide area in which we
analysis the use of resources for special goods and services. Also discuss
about the distribution system and efficiency in this process. In other words,
it totally study the inter relationship between a consumer and firm for goods
and services. It is a consumer market; also price will be influence by other
available goods and services. Consumers have all production factors or
resources and they receive income, interest or rent against these services.
Another parts is firm, it produce
all the consumer goods and services. They use different – 2 resources in
production and pay for these as a rent, salary, income etc. Profit also adds in
the total- cost of production. In this way, a firm earns profit in market. In
the end, we can say that every one inter related with each other at micro
level. At the same time, one party is earning & other party is paying the
amount.
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