importance of microeconomics

Limitations of Microeconomics

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limitations of microeconomics

Limitations of Microeconomics Microeconomics studies individual units, hence, it cannot provide the complete overview of the whole economy. The scope of microeconomics is limited and the study of microeconomics is based on many assumptions. There is no doubt about its importance but there are several limitations in microeconomics. Microeconomics Limitations Generalization Microeconomics  studies individuals and … Read more

Importance of Microeconomics

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IMPORTANE OF MICROECONOMICS

Importance of Microeconomics Microeconomics and Macroeconomics are two major disciplines in Economics. Microeconomics deals with the behavior of individuals, firms and households in decision making and allocation of resources whereas macroeconomics deals with the macro perspective i.e. the overall economy. Macro perspective of the economy involves the markets, businesses, consumers and the governments. Microeconomics explains … Read more