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Microeconomics

What is microeconomics?What is Microeconomics?

When the question is asked what is microeconomics, this answer might help.

Microeconomics comes from the greek word micro meaning small.

Economics is about making economic decisions, so as to make the best use of scarce resources.

So microeconomics focusses on individual consumers and businesses rather than the whole economy. These individuals and businesses must make the best use of scarce resources. This is the economic concept of scarcity.

Interaction between consumers and businesses takes place in ‘markets‘.

Because of this, learning about markets is very important in microeconomics.

Now learn more by accessing these free resources and low cost business tutorials.

17

Oct'18

What is a Market?

What is a Market? A market is a place (physical or virtual) where buyers meet sellers to purchase a good …

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Oct'18

What are Resources in Economics

What are Resources in Economics? Resources in economics are the inputs into the production process. Accountants analyse and report costs and …

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Mar'18

What is Demand and Supply?

What is Demand and Supply? Demand and supply is a fundamental concept in economics. In a market, the forces of …

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