Microeconomics The study of economics at micro level

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Microeconomics - The Study Of Economics At Micro
Level
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• Microeconomics refers to the study of decision
  making at a micro-level by people or in a
  business in regard to the distribution of prices
  and resources of goods and services. Here, the
  taxes and regulations made by the government are
  also taken into account. It focuses on supply and
  demand that leads to the price change and level
  in the country. In short, microeconomics tries
  and understands human behavior and choices along
  with resource allocation.

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Key Principles Of Microeconomics

• Microeconomics involves in some key principles
  namely
• Labor Economics According to this principle, the
  workers and employees are studied to understand
  the wage, employment, and income pattern. 
• Production Cost The selling price of the product
  or the service is in direct proportion to the
  cost of the resources used during the production
  or making of the same. 
• Theory of Production The understanding and study
  of the production of the goods and services.  
• Demand, Supply, and Equilibrium to create
  economic equilibrium, the supplier of the good or
  the service offers the same price as demanded by
  the customer in the market where competition is
  at peak. 

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Scope Of Microeconomics
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Uses Of Microeconomics

• Find below the basic uses of microeconomics as
  needed to understand the economy
• It is helpful in model building
• It provides a production base 
• Helpful in public finance
• Guides business executives
• Help in the resource allocation

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