Question

Explain any four features of micro economics.

Hint:

Microeconomics is primarily concerned with the decisions of individual agents in the economy, and how these decisions interact in markets.

Answer 1

Step 1: Define Microeconomics.
Microeconomics is the branch of economics that studies the behavior of individual economic units, such as households, firms, and industries, and how they make decisions regarding the allocation of limited resources.

Step 2: Four features of microeconomics.
1. **Individual Focus**: Microeconomics focuses on individual economic agents such as consumers and producers, rather than the economy as a whole.
2. **Price Determination**: It deals with how the prices of goods and services are determined through the interaction of supply and demand.
3. **Resource Allocation**: Microeconomics studies how resources are allocated efficiently within the economy.
4. **Market Structure**: It examines different market structures, such as perfect competition, monopolies, and oligopolies, and their effects on prices and output.

Final Answer: \[ \boxed{Microeconomics \; focuses \; on \; individual \; decision-making, \; price \; determination, \; resource \; allocation, \; and \; market \; structures.} \]