Which term describes the study of individual or firm behavior in response to economic events? Microeconomics Macroeconomics Econometrics Managerial economics
Question
Which term describes the study of individual or firm behavior in response to economic events?
- Microeconomics
- Macroeconomics
- Econometrics
- Managerial economics
Solution
The term that describes the study of individual or firm behavior in response to economic events is Microeconomics.
Explanation:
Microeconomics focuses on the decisions made by individuals and businesses regarding the allocation of resources. This area of study examines how these entities interact in markets, how they respond to changes in demand and supply, pricing strategies, and the overall impact of economic conditions on consumer choice and firm production. In contrast, macroeconomics looks at the economy as a whole, dealing with broader issues such as national productivity, inflation, and economic growth.
Therefore, the correct answer is Microeconomics.
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