Microeconomics

Introduction to Partial and General Equilibrium in Economics

Meaning of Equilibrium The term equilibrium is defined as states in which at least two different opposite forces or powers are equal. Thus, equilibrium means a state of balance. Concerning the market, equilibrium is the position in which market demand for a commodity is exactly equal to the market supply of that commodity. This equality

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Meaning and Scope of Microeconomics

Meaning of Microeconomics Generally, the subject matter of economics is broadly divided into two main branches. They are microeconomics and macroeconomics. These two words become everyday words nowadays. Microeconomic analysis and macroeconomic analysis are now considered two important approaches to economic analysis. The terms ‘micro’ and ‘macro’ were first used in economics by Norwegian economist

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