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Question
Identify and explain the concept from the given illustration:
Savita collected the information about individual income in a particular firm.
Explain
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Solution
Identified concept: Study of individual economic unit, microeconomics.
Explanation of concept: The analysis of economic behaviour by focusing on a single unit while separating it from the broader economy is the study of individual economic units. For instance, microeconomics examines specific entities like individual firms, prices, and similar components.
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