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Objectives and Targets of Microeconomics

Objectives and Targets of Microeconomics

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Microeconomics is the overall study of how money works on a small scale i.e. in the firms and the household rather than the national and the international levels. It focuses on the relationship between the individual consumers and the individual suppliers. Thus it is an important branch of economics that has varied scope and is crucial for the development of all the units on a whole.
Microeconomics is the overall study of how money works on a small scale i.e. in the firms and the household rather than the national and the international levels. It focuses on the relationship between the individual consumers and the individual suppliers. Thus it is an important branch of economics that has varied scope and is crucial for the development of all the units on a whole.

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Published by: ClassOf1.com on Dec 19, 2013
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12/19/2013

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Microeconomics
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Subject: Macroeconomics
Objectives and Targets of icroeconomics
Microeconomics is the overall study of how money works on a small scale i.e. in the firms and the household rather than the national and the international levels. It focuses on the relationship  between the individual consumers and the individual suppliers. Thus it is an important branch of economics that has varied scope and is crucial for the development of all the units on a whole. The objectives or the targets of this field have been described below.
Markets
Here in economics a market refers to the interaction of all the customers and producers as well as the buyers and sellers of any economy. But these interactions must be governed by a set of protocols that can benefit the customers and the producers in a single market. It aims high to cover all the types of markets within a specified time to encourage the proper functioning of the nation.
Consumer theory
It basically describes all the plans and strategies used by the people while making purchasing decisions. Based on the supply and demand in the market, individuals will make different decisions than they would in good or less healthy conditions. However the consumer theory refers to the transitions in the demands of the customers based on the supplies and the other external factors. For example, during recession the demand for the luxurious or the precious commodities decreases  while that of the common things increases. Thus microeconomics helps in explaining the basic customer theory which can be the answer to many economical questions.
Producer theory
It is just the opposite of the customer or the consumer theory. It states that on the basis of the external economical factors the individuals get responsible for the creation for the supply of the goods and services. These services change their production designs and patterns in order to achieve the maximum profit. It is obvious that all the companies want to make as much as money and
 
 *
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Subject: Macroeconomics
profit as possible, which indicate their efforts to produce those products whose cost of production is minimum and price is maximum.
Supply and demand
These two factors are very important for the determination of any economy. Consumers determine the demand for the product while the producers have a direct relationship with the supply. When the supply increases the demand decreases and the vice versa is also true. Microeconomics thus is an important subject in the determination of the above mentioned factors.

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