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Define Or Explain the Individual Economic Unit. - Economics

Define or Explain the Individual economic unit.

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Solution

Individual economic unit.

  1. Individual firms, households, industries are considered as individual economic units.
  2. 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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