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Microeconomics is the study of a section of the economy rather than the economy as a whole (which is macroeconomics).
Microeconomics is more concerned with the allocation of scarce resources and the elasticity (sensitivity) of consumers and producers at the level of households and firms.
In other, more simple words, it is the laws of supply and demand.
The study of individual firms and individual households in a market.
What else can I help you with?
How does macro economics differ from micro economics?
Macro economic is differ from micro economic because macro economic study as a whole economics but micro economic study only of an individual.
What is the dichotomy between macro economic and micro economic?
hehehe
What is the principle of Laissez Faire?
the principle of opposing government interference in economic affairs
Is setting the price for a cup of coffee primarily a micro economic or a macro economic issue?
microeconomic
What is one economic principle?
an economic princple is a widely accepted behaviour of individuals and firms
How does macro economics differ from micro economics?
Macro economic is differ from micro economic because macro economic study as a whole economics but micro economic study only of an individual.
What micro economic policy changes would you recomand to increase south Africa's export potential?
micro economic policy to increase S.A exports potential micro economic policy to increase S.A exports potential micro economic policy to increase S.A exports potential micro economic policy to increase S.A exports potential micro economic policy to increase S.A exports potential micro economic policy to increase S.A exports potential micro economic policy to increase S.A exports potential
What is the dichotomy between macro economic and micro economic?
hehehe
What is the basic economic principle that decides how high wages will be?
Supply and demand is the economic principle that decides how high wages will be
What careers are there in the micro economic environment?
ceo
What are some Micro economic problems facing Kenya?
economic problems in kenya today
What is the principle of Laissez Faire?
the principle of opposing government interference in economic affairs
Is setting the price for a cup of coffee primarily a micro economic or a macro economic issue?
microeconomic
What careers can you find in the micro economic environment?
Women entrepreneur
What are two primary economic activities?
Micro and macro economics
What is one economic principle?
an economic princple is a widely accepted behaviour of individuals and firms
What is a well-tested economic theory called?
a principle.
