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Statistics

Define or exp...

Question

Define or explain individual economic unit.

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Solution

Individual economic unit refers to one unit which participate in production mechanism for example, a producer, a consumer, a firm,etc. Microeconomics deals with the study of individual economic units.

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Similar questions

Q. Define or Explain the Concepts.
Individual Economic Unit.

Q. Define or Explain the following concepts.

1) Micro Economics

2) Partial equilibrium

3) Economic efficiency

4) Individual economic unit

5) Resource allocation

Q. Which of the following is defined as branch of economic analysis that studies the economic behavior of the individual unit, a particular household, or a particular firm?

Q. Give reasons or explain:
Micro Economics studies behaviour of individual economic unit.

Q. Explain with reasons whether you agree or disagree with following statements.
Macro-Economics deals with the study of individual behaviour. Or
Macro-Economics studies small units.

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