Microeconomics

Understanding microeconomics: The science of every day decisions Economics may sound like a technical term reserved for economists And academics, but in really it shapes, many of the decision we make every day from choosing what to buy at the grocery store to siding, how much to work or save, Economics is quietly at work behind the scenes. What is microeconomics? Microeconomics is the branch of economics that Studies  how individuals, Household and firm make choice about allocating limited resources. Unlike macroeconomic, Which looks at the economy as a whole, microeconomics and one smaller units. As it score, micro economics is about scarcity and choice, because resources like money and raw materials are limited, People must decide how to use them efficiently.  Key concept in Microeconomics 1. supply and demand One of the most fundamental ideas as the relationship between supply and demand. Demand refers to how much of a product consumer are willing to buy at different prices...