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Microeconomics is the most important part of economics. The study is important to understand the economic condition of a firm and also of the nation. Though microeconomics is related to a part or unit part of economic development, in many ways, it indirectly or sometimes directly affects the nation’s economic condition.
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Why Study Microeconomics?
This is very important to know that market mechanism is analyzed with this branch of economics. In addition, price or relative price of goods as well as services also comes under microeconomics. Specific details associated with this subject can be understood via our manuals as why study microeconomics homework help.
Though Macroeconomics covers a large part of study including national or international factors, it is important to understand microeconomics as well. The reason is when a particular unit affects, and then it influences the complete economic condition. Suppose a firm closed and the workers lost their job. At this condition, the rate of unemployment also affects the national analyzed data.
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What are the related topics?
A number of topics will acknowledge you why you should study microeconomics. So, let us know the different topics related to microeconomics are as follows –
- Demand, supply and equilibrium
- Measurements and elasticity
- Theory of production
- Consumer demand theory
- Perfect condition
- Game theory
- Labor economics
- Welfare Economics
- Market structure
Each and above topic is important under microeconomics. Competition in market, pricing, monopoly, and oligopoly all are related with market. Market structure is also related to the market system. Insurance market, energy, and bond market along with different other examples are important part of microeconomics.
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