Microeconomics is the study of individuals, households and firms' behaviour in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues. There are two method of reasoning in theoretical economics. They are the deductive and inductive methods. The Four key economic concepts are scarcity, supply and demand, costs and benefits, and incentives. It can help explain many decisions that humans make. Microeconomics is concerned with supply and demand in individual markets, individual consumer behaviour, individual producer behaviour, individual labour markets. The presentation provides better understanding on the topic.

Lekshmy RS

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