Category: Introductory Microeconomics

Microeconomics- Business Decision making a)Explain the role of microeconomics in business decision making. Ans) The role of microeconomics in business decision making can be explained as under: 1) Optimal resource utilization: The productive resources are scarce in the economy and microeconomics tells how the productive resources are allocated in the production of various goods and […]
Very short questions,Demand and Supply What do you mean by demand? Ans) Demand means the quantity of goods and services which consumers would buy in a market at a given time and price.In order to change desire into demand ,it is essential that the consumer should have both willingness and ability to pay. Define Demand […]
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Nicolas Gregory Mankiw’s Ten Principles of Economics:   Nicolas Gregory Mankiw is an macroeconomist and Professor of economics at Harvard University.Mankiw proposed 10 principles of economics which is unified by several central ideas.These 10 principles of economics offer an overview about what economics is all about. How people make decisions 1.People face trade off: To get […]

Difference Between Microeconomics and Macroeconomics  The difference between microeconomics and macroeconomics are as follows: Basis                                            

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