Micro Economics

A simplified representation of the economic functioning of any of the smaller units within a country's economy such as households, city government or a firm

In micro-economics, need is characterized as what a person needs to survive. This can be food, water, shelter, etc. Wants are what people want, but don't necessarily need.

If a disease kills half of the economy's cow population, less milk production is possible, so the PPF shifts inward (PPF2). Note that if the economy produces all cookies, so it doesn't need any cows, then the production is unaffected. But if the economy produces any milk at all, then there will be less production possible after

study of economics that focuses on individual areas of an economy such as businesses, households, and the personal buying habits of everyone in the society

Increasing population creates increasing demand for goods

divinity of management

You don't 'have' to study anything.

You study to grow and learn.

Not if you read your book.

An input whose quantity cannot be changed gradually but instead must be adjusted in a large jump.

the contribution of macroeconomics to microeconomics

1) Labour.

2) Capital.

3) Human capital.

4) Land.

yes

The study of the economic behavior and decisions of individuals and businesses
the study of the economic behavior and decisions of individuals and businesses

Businesses i know are there to maximize profit and minimize cost.On this basis,i think the business profit concept is the most appropriate basis for evaluating business operations because banks,lenders or creditors will the creditworthiness of such business if loan or any other facility has been advanced to such business to see whether they can offset such debt if given to them.

Price floor- Minimum wage, if above the market equilibrium then unemployment

Price ceiling- rent control, so more people are able to live comfortably. but this can be negative when the too high of price is confused with the too low of supply.

All factors other than price will shift the demand curve. Price moves along the demand curve.

1) what to produce

2)how to produce

3)for Whome to produce

Advantages of microeconomics ?

it goes up

True

False

Expenses, taxes, bills and payments and some other debts may affect the budget of either an individual or a family.

Macro economic is differ from micro economic because macro economic study as a whole economics but micro economic study only of an individual.

Indifference curve is a set of all the consumption bundles which are indifferent in the level of utility each bundle provide. Any bundle which provide higher utility will form another IC. Thus Indifference curve is a closed set.

Price and demand of a good have inverse relationship. An increase in the prices of a good will lead to fall in the demand of a good and viceversa.