Microeconomics is an important branch of economics that studies the financial transactions, budget and economy of a household. It studies the relationship between individuals, households, firms and small economic entities. It studies their allocation, production, and consumer behaviour. It considers all the external and internal factors which influence these units. It greatly assists them with their businesses and helps them to allocate funds better.
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This relates to the study of the economics of various nations and how they shape the global picture. This includes transactions between two and or multiple nations or international organisations.
It is mainly associated with studying the allocation, distribution and usage of various resources. This influences the market and acts as a key element while analysing production cost and demand and supply.
Some of the most relevant topics in this subject are:
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Justin studies consumer behaviour in the market. This means he studies people like you and me and how we get influenced by social media campaigns and shops. In the world of academics, he teaches topics like demand elasticity, consumer preferences, and other factors. His studies extend to the real world and has a creative approach.
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