Microeconomics, from the word itself we can figure out that micro means small entity. Therefore, we now come to know that microeconomics is the branch dealing with market system in small scale; specifically in an individual scale like the individual firm or the individual consumers. To make the study and understanding of economics simpler, modern economics has been divided into two parts: micro means small and macro that denotes large. Therefore, when we talk about microeconomics we can say that it is the section dealing with individual system whether it’s the consumer, household, commodity and so on.
Microeconomics is concerned with different topics like that of demand and supply, determination of reward, i.e. factor price and optimum use of resources with maximum production for social welfare. Whenever we start any of the projects, whether it’s the research in science, production of goods or start of the firm, at first we are solely concerned in applying this at individual level rather than huge population. Foremost thing here is to know about the view and response of individual section so that the process of enhancing at higher level can be carried on. Therefore, we can say that microeconomics is a slicing method that divides large part into smaller segment helping in detail study of it.
The above description describes us about the subject and its importance in our life. Maximum of the students are very much interested in perusing the subject and thus, choosing up corporate world as their career option which is obviously a good decision.
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