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15 February, 13:16

What area of economics focuses on the interactions between individual comsumers and producers

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  1. 15 February, 15:03
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    Microeconomics

    Explanation:

    Microeconomics is the branch of economics that focuses on individuals' and firms' behavior as they make economic decisions. It studies how individuals and firms distribute limited resources to meet the different needs and want in society.

    Microeconomics deals with aspects of the economy, such as production, price, demand, and supply, but on the individuals' or single market level. While macroeconomic deals with the economic condition of the whole country, microeconomics focuses on individuals, products, or markets.

    Microeconomics is concerned with the relationship between individual consumers and producers. This will be in line with the demand for a particular product at a given price.
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