Question

Explain the concept:
Micro Economics.

Answer 1

(a) Micro is derived from Greek word "Mikros" meaning small.
(b) Micro economics is a branch of economics, which is concerned with the study of economic behaviour of individual economic units like individual household, firms, industries, etc.
(c) Micro economics is the study of particular firms, particular household, individual prices, wages, incomes, individual industries, particular commodities.