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Features of Micro Economics

Microeconomics deals with small individual units of the economy such as consumers, firms, and commodities. It has limited scope, analyzes market structures, is based on assumptions, uses marginalism, studies individual units through slicing, and focuses on price theory and partial equilibrium. Ragnar Frisch is credited with coining the terms "microeconomics" and "macroeconomics" while working in economics and econometrics. Microeconomics examines small parts of the overall economy.

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Jayesh Rajgor
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169 views

Features of Micro Economics

Microeconomics deals with small individual units of the economy such as consumers, firms, and commodities. It has limited scope, analyzes market structures, is based on assumptions, uses marginalism, studies individual units through slicing, and focuses on price theory and partial equilibrium. Ragnar Frisch is credited with coining the terms "microeconomics" and "macroeconomics" while working in economics and econometrics. Microeconomics examines small parts of the overall economy.

Uploaded by

Jayesh Rajgor
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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CHP.

1 INTRODUCTION TO MICRO & MACRO ECONOMICS

LECTURE-2
Class 12TH
ECONOMICS
FEATURES
OF
Micro Economics
INTRODUCTION

2
Ragnar Anton Kittil Frisch (1895-1973),
A Norwegian econometrician and economist was a joint
winner with Jan Tinbergen of the first Nobel Prize for
Economics in 1969.
He Is likely the first person to have referred to the
study of individual firm and producer as
“Microeconomics.” Moreover, he referred
to the study of the aggregate economy as
“Macroeconomics.”

3
Meaning of Micro
Economics
Micro means a small part of a thing.

4
“
Micro means a small part of a thing. Micro
economics thus deals with a small part of the
national economy. It studies the economic
actions and behaviour of individual units such
as an individual consumer, individual producer
or a firm, the price of a particular commodity or
a factor etc.

5
Definition Of Micro Economics

6
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP
1.Limited Scope.
2.Analysis Of Market Structure.
3.Based On Certain Assumptions.
4.Use Of Marginalism Principle.
5.Slicing Method.
6.Study Of Individual Units.
7.Price Theory
8.Partial Equilibrium

7
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP

8
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP

9
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP

10
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP

11
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP

12
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP

13
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP

14
FEATURES OF MICRO
ECONOMICS
SHORT CODE :- LAB USP
1.Limited Scope.
2.Analysis Of Market Structure.
3.Based On Certain Assumptions.
4.Use Of Marginalism Principle.
5.Slicing Method.
6.Study Of Individual Units.
7.Price Theory
8.Partial Equilibrium

15
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PLAYSTORE)

16

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