comparison micro vs marco Flashcards
1
Q
micro is important because
A
it is helpful in determining the prices of a product along with prices of factors of production within the economy.
2
Q
limitations of microeconomics
A
unrealistic assumptions (cant be proven since it is dealing with ppl)
3
Q
scope of microeconomics
A
covers various issues like:
demand
supply
product pricing
4
Q
tools of micro
A
demand and supply
5
Q
define mirco
A
the branch of economics that studies the behavior of and INDIVIDUAL consumer, firm, & family
