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MICROECONOMICS Definition & Legal Meaning

Definition & Citations:

A person, household, firm, or industry as an economy’s units in this specific science of economic behavior. Contrast to macroeconomics, the study of the aggregate economy. Primarily concerned with factors affecting individual economic choices, factor changes effect on the individual decision makers, how their choices are synchronized by markets, and how prices and demand project in individual markets. Theory of demand, theory of the firm, and production demand for labor and other factors are the main subjects covered under microeconomics.

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