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Importance of microeconomics

Updated: 4/27/2022
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importance of microeconomic

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What is importance of microeconomics?

The importance of microeconomics is to understand the working of the free market economy. It shows how the prices of the products and the factors of production are determined. It shows how the goods and services produced are distributed among the various people for consumption through market mechanism.


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What is the importance of microeconomics in the daily life of a person?

micro economics has got a much more importance in our life.The basic concept of micro economics applications are demand,suuply,computation and consumer behaviour.


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Microeconomics refers to a small, localized economy.


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What are some example of microeconomics?

Example of microeconomics are :householdsbussiness firmsindustrial activities etc..


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