Maharashtra State BoardHSC Commerce 12th Board Exam
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Define Or Explain the Following Concept :Individual Economic Unit - Economics

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Define or explain the following concept :

Individual economic unit

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Solution

Microeconomics studies the economic behaviour of an individual economic unit. The smallest part of an economy such as individual household, individual firm, individual income is considered as an individual economic unit. Microeconomics splits the economy into small individual units and further studies such units separately.

Concept: Introduction and Features of Micro Economics
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