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Micro Economics


The study of individuals, households and firms' behavior in decision making and allocation of resources.




  • Introduction Start here
    • Basic Principles Demand Supply Market Equilibrium
  • Scarcity, production & productivity
    • Production Possibilities Frontier Production & Productivity Economies of Scale
  • Inter-related Markets
    • Derived demand Composite demand Joint supply Complementary goods Substitute goods
  • Elasticity
    • Price elasticity of demand Income elasticity of demand Cross-price elasticity of demand Price elasticity of supply
  • Market failure, Government failure & Intervention
    • Market failure Government failure Taxation Subsidies Buffer Stock Scheme Minimum Price Floor Maximum Price Ceiling
  • Reference
    • Financial & Economic Glossary


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