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Define Or Explain the Following Concept. Individual Economic Unit - Economics

Short Note

Define or Explain the following concept.

Individual economic unit

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Solution

Individual economic unit refers to a single variable such as an individual firm, a particular household, the price of an individual commodity and wages/income of an individual. The behaviour of individual economic units is studied under microeconomics.

Concept: Basis of Welfare Economics
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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 1 Introduction to Micro Economics
Exercise | Q 1.4 | Page 6
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