Economic Awareness - Sectors of Indian Economy
Which branch of economics deals with the study of individual units such as households and firms?
Which branch of economics deals with the study of individual units such as households and firms?
easy Q13 of 15
Step-by-Step Solution
Step 1: Identify the branches of economics
Economics is divided mainly into Microeconomics and Macroeconomics. Microeconomics studies individual units, while Macroeconomics studies the economy as a whole.Step 2: Apply the concept
Microeconomics correctly identifies Microeconomics as the branch dealing with individual units like households and firms. Macroeconomics studies aggregate economic variables. Monetary and Development Economics are specialized fields.Final Answer:
Microeconomics → Option AQuick Check:
Microeconomics = study of individual units ✅
Quick Trick: Micro = small units; Macro = big picture.
Common Mistakes:
MISTAKES- Confusing Microeconomics with Macroeconomics.
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