Give reasons or explain the following statement:
Micro economic studies individual income.
Microeconomics deals with the issues pertaining to individual economic units, basically consumers, and firms, that interact in the market of different good and services. It studies how consumers make their consumption choices and decisions given their money income and the prices of goods and services. Thus, the study of individual income is a part of microeconomics.
Video Tutorials For All Subjects
- Importance of Micro Economics