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micro and its importance

shiz shizzy

on 16 January 2013

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Transcript of microeconomics

MA 30 ECONOMICS IS? MICRO ECONOMICS Resources, are the inputs of a production,on which scarcity has adverse effects on it. SCARCITY this is the study of behavior of fewer
individuals,firms or markets. MICROECONOMICS A study of how people choose to allocate the scarce resources and goods to meet their unlimited wants. MACROECONOMICS relates with economic aggregates
such as unemployment,GDP and inflation. Concept of finite resources in a world of infinite needs and wants. labor FACTORS OF PRODUCTION land entrepreneur capital differentiating macro and microeconomics micro macro smaller units economy as a whole decisions made by the firms and consumers importance of microeconomics forecasts the economic conditions for consumers and firms to make better decisions focuses on demand
and supply focuses on national output,
unemployment and inflation Gives a basic idea about how major decisions in an economy market is taken. 2.Basis of social welfare: 1.Understanding how economy works: Suggests the methods of efficiency,and how to achieve it.Hence improve standards of living. 3.Beneficial in matters of taxation: Explains how the imposition of tax benefits for the social well being of the society. CONCLUSION microeconomics is a sub division of economics.
looks into individual units of the economy.
resources are limited, but wants are infinite.
helps the people to make the best use of the unlimited scarcity, given a basic idea of how economy functions. CONTENTS What is economics? Branches of economics Micro vs macroeconomics Importance of microeconomics These are also referred as factors of productions. and its importance Conclusion NEEDS WANTS MACRO THANK YOU!
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