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Basics of Microeconomics Video Lecture | Indian Economy for UPSC CSE
FAQs on Basics of Microeconomics Video Lecture - Indian Economy for UPSC CSE
| 1. What is microeconomics? |  |
Ans. Microeconomics is the branch of economics that deals with the study of individual economic agents such as households, firms, and individuals and how they make decisions regarding the allocation of scarce resources.
| 2. What are the basic principles of microeconomics? | |
Ans. The basic principles of microeconomics are the law of demand and supply, marginal utility, opportunity cost, elasticity, and market equilibrium. These principles help to understand how individuals and firms make decisions in a market economy.
| 3. What is the difference between microeconomics and macroeconomics? | |
Ans. Microeconomics deals with the behavior of individual economic agents, while macroeconomics deals with the behavior of the economy as a whole. Microeconomics focuses on the allocation of scarce resources by individuals and firms, while macroeconomics focuses on the overall performance of the economy, such as inflation, unemployment, and economic growth.
| 4. What is the role of microeconomics in business decision making? | |
Ans. Microeconomics provides businesses with a framework for understanding how consumers make purchasing decisions, how firms make production decisions, and how market forces impact the pricing of goods and services. By understanding these concepts, businesses can make better decisions about pricing, production, and resource allocation.
| 5. How does microeconomics impact public policy? | |
Ans. Microeconomics plays a crucial role in shaping public policy by providing insights into how individuals and firms respond to changes in the economy. For example, microeconomics can help policymakers understand the impact of taxes, subsidies, and regulations on market outcomes and consumer behavior. It can also help policymakers design policies that promote economic growth and reduce income inequality.
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