What is micro-economics?
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At the same time, microeconomics is referred to all persons in all areas of business and trade - from the purchaser to the manufacturer.
In fact, there are two major concepts or ideas that we require to know in microeconomics that develop the foundation of not only microeconomics, but all economic theory/concept. And, the concepts are supply and demand or requirement, and scarcity or insufficiency. Moreover, by means of these two basic concepts, an individual can understand practically the entire human economic behavior.
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Microeconomics makes an attempt to understand the decision-making process of an individual, a household, a firm and an industry. In order to study Microeconomics, you need to choose Economics as one of your subjects in school.
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