Define Micro Economics Why does an economic promblem arise.
Answer (1)
12th Oct, 2020
Hello Sai Krishna!
Basically, Microenomocics deals with individual and firms in the aspects of their decisions and behaviors towards resource allocation, services to provide, goods and prices fixing etc. While macroeconomics focus on a larger entity like a nation or a state, microecomonics focus on a smaller entity.
The major cause of economic problems is the lack of resources. When the required resources are not met it leads to ecomonic downfall of the entity. Another reason that contributes is poor management of resources which may lead to wastage of resources and less efficiency resulting in economic problems.
Hope this might help you!
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