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Importance of Microeconomics – 6 Major Importance of Microeconomics | Explained in Detail

Importance of Microeconomics

Importance of Microeconomics

Microeconomics is the branch of economics that deals with the study of how individual households and firms make decisions and how they interact in markets.

Microeconomics studies principles, problems, and policies concerning the optimum allocation of resources with maximum satisfaction.

The study of microeconomics takes place at the level of individual markets, industries, or sectors rather than at the level of the national economy as a whole.

Microeconomics attempts to analyze how markets allocate limited resources across alternative uses and establish relative prices for goods and services.

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