Define or Explain the Individual economic unit.
Individual economic unit.
- Individual firms, households, industries are considered as individual economic units.
- Micro economics is concerned with the study of economic behaviour of individual units like households, firms, industries and markets. In other words, it makes microscopic or in-depth study of individual economic units and not the whole economic units.
Concept: Introduction and Features of Micro Economics
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- Introduction and Features of Micro Economics