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Question
Identify and explain the concept from the given illustration:
A study of the annual income of the family of Ramesh.
Short Answer
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Solution
- Identified concept: Micro Economic – Personal Income
- Explanation of concept: "Micro Economics is the study of particular firms, particular households, individual prices, wages, incomes, individual industries, particular commodities". Because the above illustration is a study of individual families, it is correctly referred to as microeconomic and forms part of personal income. Earnings received by a person from all sources are called his personal income.
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