Q.Define or explain the following concept:
Micro economics

A branch of economics doing a microscopic study of the economy = Microeconomics.

Microeconomics studies the economic behaviour of small individual units of the economy — an individual consumer, a firm, a single industry or the price of one commodity. The word 'micro' means small, and this branch takes a microscopic (piecemeal) view, examining parts r …

The correct answer is Ragnar Frisch.

The terms 'microeconomics' and 'macroeconomics' were first used by the Norwegian economist Ragnar Frisch in 1933. 'Micro' comes from the Greek mikros (small) and 'macro' from makros (large): microeconomics studies individual units (a consumer, a firm, a single market), while macroeconomics studies the economy as a whole (national income, general price level, e …

Microeconomics is popularly known as Price theory, because its central subject matter is how the price of an individual commodity or factor of production is fixed by the interaction of demand and supply.

Microeconomics (from the Greek mikros = small) examines the economic behaviour of individual decision-making units — a single consumer, a single firm, a single industry or a single market. Its main questions are: What determines the price of a good? How is a consumer's demand decided? How does a firm fix its output and price? How are wages, rent, interest and profit (factor prices) determined?

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