Economics is the study of how society chooses to allocate its scarce resource to the production of goods and services in order to satisfy unlimited wants. Microeconomics is the branch of economics that studies decision making by a single individual, household, firm, industry, or level of government. Production, cost, and revenue of a business unit is the main focus of microeconomics. Microeconomics deals with the management of daily affairs of a unit of production. How to produce, what to produce, for whom to produce, what price to charge, and how to deal with business egulations are typical issues.
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