The term Micro Economics is derived from the Greek word “mikro- meaning "small. It is studied as a part of the Economic Study. As against the macroeconomic study which consists of studying the economic activities in totality microeconomics deals with the effects of nation’s economic policy on of growth, inflation, and unemployment etc.
One of the most significant aspects of micro economics study is to analyze the market mechanisms that create and establish the relative prices among the products and services. It also analyses the means of allocating the scarce resources among the available alternatives.
Micro economics has evolved into a branch of study in the form of applied microeconomics. This stream draws heavily from concepts applicable in other discipline. Concepts like Industrial organization, Labor economics Financial economics , Public economics , Political economy, Health economics, Urban economics, Law and economics and Economic history deal with applied study in Micro Economics.
Another important aspect of micro economics in the contemporary business scenario is the concept of behavioural economics. This study focuses on the fact that big losses have a greater psychological repercussion than big gains. Mathematical modeling is also used in micro economics and studies as econometrics.
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