Abstract

Here, the article will describe the definition of various types of microeconomics. The usefulness of economics are described here. And then the microeconomics’ nature has been described. Besides, microeconomic terms and their descriptions are presented in this article. How the microeconomics are related to the practical life that will be described. The important term production possibility cost with examples are explained here. Explicit ideas about microeconomics you will get here.

Highlights

  • Economists do not restrict themselves to considering only decision problems involving money and markets, though that is a big part of economics

  • Microeconomics stands in contrast to macroeconomics, which involves "the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues"

  • Microeconomics tools are useful for introducing policies relating to tax, tariff, debt, subsidy, etc. it helps the governmental bodies to fixate on the tax rate, types of tax, and the amount of tax to be charged to buyers and sellers

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Summary

China Abstract

The article will describe the definition of various types of microeconomics. The usefulness of economics are described here. Microeconomic terms and their descriptions are presented in this article. How the microeconomics are related to the practical life that will be described. The important term production possibility cost with examples are explained here. Explicit ideas about microeconomics you will get here.

Introduction
46 Methodology
Economic Efficiency
Economic Efficiency consists of the following three components
Economic Models
Conclusion
Microeconomics
Full Text
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