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Question
Identify and explain the concept from the given illustration:
Gauri collected the information about the income of a particular firm.
Solution
Concept: Micro-economics (or Micro-economic study, which is the study of individual units)
Explanation:
Microeconomics is the study of the behaviour of individual economic units such as individual consumers, individual producers, individual firms, the price of a particular commodity or a factor, etc.
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RELATED QUESTIONS
Scope of micro economics.
- Theory of Product Pricing
- Theory of Growth and Development
- Theory of General Price Level and Inflation
- Theory of Income and Employment
Branch of economics that deals with small part of national economy −
Find the odd word
Features of Microeconomics
Assertion (A): Micro-economics uses slicing method.
Reasoning (R): Slicing method is the study of the whole economy rather than its part.
Identify & explain the concept from the given illustration.
Mala collected information about the income and expenditure of twenty five families from her locality.
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Slicing method and Lumping method
Explain the scope of microeconomics
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Which of the following is a microeconomics statement?
Define microeconomics.
______ is a branch of economics that studies the economic variables at an individual level.
The method of partial equilibrium is used in ______
Which of the following theories are studied in microeconomics?
Microeconomics was Popularised by ______
Which of the following variables are involved in microeconomics?
How does Robbins define Economics?
Which of the following topic is not covered under microeconomics?
Which of the following is a limitation of microeconomics?
The word 'Economics' was derived from two words, ______ and ______
What is the other name of Microeconomics and Macroeconomics?
- Assertion (A): Microeconomics is a small part of the national economy.
- Reasoning (R): Microeconomics divides the economy into small units.
Concepts studied under Microeconomics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Microeconomics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Macro economics.
- Whole economy
- Economic development
- Aggregate supply
- Product pricing
Statements that are correct in relation to microeconomics:
- Microeconomics is concerned with the study of individual economic units.
- Microeconomics uses lumping method.
- Microeconomics provides basis for the conditions of economic welfare.
- Microeconomics studies the determination of the general price level.
Give an economic term:
Factor payment received by an entrepreneur in the form of money.
A particular segment of an economy is studied in ______.
Find the odd word out:
Microeconomic variables:
Concepts studied under Micro economics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Microeconomics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Macro economics.
- Whole economy
- Economic development
- Aggregate supply
- Product pricing
