Services What do you understand by the word Microeconomic?

[Mataracy]

As the name implies, Micro which means Small. Therefore we can now describe microeconomic as the study of the economic actions of individuals and small groups of individual, " the study of particular firms, particular commodities .
It concerns itself with the analysis of price determination and the allocation of resources to specific uses.
Microeconomics studies:
(1) how resources are allocated to the production of particular goods and services.
(2) how goods and services are distributed among people and
(3) how efficiently they are distributed .
Any country or company that is more knowledgeable in management will surely value all this ideal. Your own opinion is welcome. What do know about Microeconomic?

 

[Haypril]

This topic is partially for the literate ones. But in a common sense, it is something we do every now and then considering the fact that almost every house hold are involved in one or two businesses or any form of business. Macroeconomics deals more in theories,e.g, preference; which talks more on choice, Axiom of continuity and many more.

 

[Stah]

Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

 

[Good-Guy]

Microeconomic and Macroeconomics are two relative terms but they are pretty much different from each other. Macroeconomic is a brach of economics that deal with global economy or economy of certain countries. Microeconomics is the study of economics on a much smaller scale. You can say that economic management of a particular business falls under the category of microeconomics.