Question

what are the principles of microeconomics

Answer 1

Economics is divided mainly into two parts: microeconomics and macroeconomics. Microeconomics refers to the economic activities concerned with single factors and the effects of individual decisions. These primarily focus on economic problems of individuals in a nation with respect to that how they use scarce means or resources at their disposal for satisfying their unlimited ends.

The principles of microeconomic teach the details on the concepts and theories of microeconomic in a clear and concise way. It discusses the behavior of three vital agents of economic namely, individuals, firms, and governments and provides insight into the interactions between these agents in a market economy. It explores how such behavior is manifested across a numerous variety of nations and cultures including the United States, Asia, Europe, and the Middle East.