Define or Explain the concept
Microeconomics deals with the issues pertaining to individual economic units, basically consumers, and firms, that interact in the market of different good and services. Here, we study how consumers make their consumption choices and decisions given their money income and the prices of goods and services. We analyse how the firms decide how much to produce and by different input combinations and how prices are determined in both commodity market as well as in the factor market based on the demand and supply analysis.
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- Importance of Micro Economics