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Microeconomics is a combination of two words, one which is micro which means "small" and the other economics. It is a branch of economics used to study the relationship between economic behavior and its characteristics. It deals with the decision-making process that is necessary to manage finances and the economy. Microeconomics is used to uncover parameters that can influence an individual's behavior and choices. Therefore, it can be concluded that microeconomics always focuses on specific market demands and commodities, cost and outcome trends.
This topic is important to know the important aspects of modern theories of economics. The benefits of this study are as follows:
● To understand the workings of the economy.
● For proper positioning and use of rarely accessible features.
● It helps to reveal the price of a particular item.
● It is essential for global exchange.
● It helps in describing different financial methods.
● It helps finance plans move forward with all kinds of financial reforms.
● It studies social needs in different economic conditions such as implementation of business models etc.
● It helps the local government to formulate financial strategies such as taxation systems etc.
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● Demand, Supply, and Equilibrium
● Measurement of Elasticity
● Perfect Competition
● Market Structure
● Consumer Demand Theory
● Theory of Production
● Cost of Production
● Market Research
● Marginal Utility
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