Explain any four features of microeconomics?
Question: Explain any four features of microeconomics?
1. Supply and Demand: This is the most fundamental concept of economics and it refers to the relationship between the quantity of a good or service that consumers are willing to buy and the price of that good or service. It is the cornerstone of price determination in a free market economy.
2. Cost-benefit Analysis: This refers to a decision-making tool used to analyze and compare the costs and benefits, both monetary and non-monetary, of a particular course of action. It is based on the idea that resources are finite and decisions should be made in order to gain the most benefit or satisfaction.
3. Elasticity: This refers to the degree to which changes in price or quantity of a good or service will cause changes in other related quantities. It is closely related to the concept of demand, where a small change in price may cause a large change in the quantity demanded.
4. Game Theory: This is a branch of economics that studies strategic decision making in situations where the outcomes of different choices depend on the choices of other players. It is used to understand a wide range of topics, such as the way markets work, the way people negotiate, and the risks and rewards of strategies.
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