Question

Identify & explain the concept from the given illustration.

Mala collected information about the income and expenditure of twenty five families from her locality.

Answer 1

Microeconomics

Explanation:

Microeconomics is the branch of economics that studies the economic behaviour of individual units such as a consumer, a firm, or a household. It deals with a small part of the national economy rather than the economy as a whole.

Since Mala collected information about the income and expenditure of only twenty-five families, which represents a small segment of the entire economy, this illustration is related to the concept of microeconomics.