Define Micro Economics___!!
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Explanation:
Microeconomics is a branch of economics that contemplates the attributes of decision makers within the economy, such as households, individuals, and enterprises.
. Microeconomics differ from the study of macroeconomics, which considers the economy as an entity.
To put it in other words, microeconomics refers to the social science that analyses the associations of human action, particularly about how those choices influence the consumption and allocation of scarce resources.
The concept of microeconomics shows how and why different commodities have different values, how individuals make more practical or efficient decisions, and how individuals organise and cooperate with each other.
Who is the Father of Microeconomics?
Adam Smith is considered the father of microeconomics, who is also the father of economics. According to Smith’s philosophy of free markets, there should be minimum government intervention and taxation in free markets.
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