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Historical review of Micro Economics. Micro economics is a traditional approach and its origin can be traced back to the era of classical economist. It was founded by Adam Smith, also known as “The father of Economics”. In his book […]

The importance of Micro Economics is as given below: I. Price Determination: Micro economics helps in explaining how the prices of different commodities are determined.  It also explains how the prices of various factors of production such as rent for […]

Micro economics deals with the study of economic behaviour of small individual economic units such as individual consumer, firm, producer etc. The various features of Micro economics are as follows: i.    Price Theory: All the factors of production (such […]

 Subject Matter of Micro Economics:  The subject matter of Micro economics basically deals with the following theories:   Theory of Product Pricing:   This theory explains how the relative prices of cotton, cloth, rice, car and thousands of other commodities are […]

According to Kenneth Boulding, “Micro economics is the study of particular firms, particular households, individual prices, wages, incomes, individual industries and particular commodities.” Scope of Micro economics:  Micro Economic analysis is individualistic in nature. It considers individual constituents such as […]

Meaning: The term ‘Micro’ has been derived from the Greek word ‘mikros’ which means   ‘small’. Micro economics deals with the study of economic behaviour of small individual economic units such as individual consumer, firm, producer etc. In other words, its […]

Introduction Economics is a social science which studies the production & consumption of goods and the transfer of wealth to produce & obtain those goods. The term ‘economics’ comes from the Ancient Greek ‘oikos’ which means ‘house’ and ‘nomos’ which […]