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Definition of 'Microeconomics'

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Definition of 'Microeconomics'

Post by sujin007 on Wed Dec 05, 2012 10:58 am


The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households.

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Re: Definition of 'Microeconomics'

Post by sujin007 on Wed Dec 05, 2012 10:59 am

It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers.

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Re: Definition of 'Microeconomics'

Post by sujin007 on Wed Dec 05, 2012 11:01 am

In particular, microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets (e.g. coffee industry).

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