Explain the scope of Micro economics.

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 and definition of Micro Economics.

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 and definition of Economics 

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 […]