Articles related with Micro Economics, Macro economics Accountancy and Business studies useful for XI, XII, CS foundation, CA(CPT), BBA , B.com,M.com and for other readers.

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Tuesday, 19 June 2018

Micro Economics - Subject Matter

Micro means a millionth part. When we speak about micro economics, we mean that it is a small part or component of the whole economy that we are analysing. For example, we may study and individual consumer's behaviour or of an individual firm or of a particular industry. Thus micro economics studies the behaviour of individual decision-making units such as consumers, a firm etc.
An important feature of micro approach is that while conducting analysis on micro basis, we assume full employment in the economy . Now economic problem is mainly related with resource allocation or theory of price.

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