Meaning Of Microeconomics

1. The definition of microeconomic is a social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants.

2. In economics, the resource that encompasses the natural resources used in production Economic resources is the factors used in producing goods or providing services. In other words, they are the inputs that are used to create things or help you provide services. Economic resources can be divided into human resources, such as labour and entrepreneur, and nonhuman resources, such as land and capital. Firstly is about land. Land was considered to be the original and inexhaustible gift of nature. In modern economics, it is broadly defined to include

Socialism is a term applied to an economic system in which property is held in common and not individually and relationships are governed by a political hierarchy. Common ownership doesn't mean decisions are made collectively, however. Instead, individuals in positions of authority make decisions in the name of the collective group. A primary goal of socialism is social equality and a distribution of wealth based on one's contribution to society and an economic arrangement that would serve the interests of society as a whole. Socialism as we know it today, most commonly refers to "market socialism" which involves individual market exchanges organized by collective planning. The benefits of socialism are get better salaries and its makes stable environment. Besides that, it also eliminates poverty and creates better products. Therefore it fulfills survival needs and also it will provide opportunity for citizens to explore non-economically-productive

Any economy in which private corporate enterprises and public sector enterprises exist side-by-side, and decisions taken through market mechanism are supplemented by some form of partial planning, is to be described as a mixed economy. This system overcomes the disadvantages of both the market and planned economic system. This system provides a clear demarcation of the boundaries of public sector and private sector so that the core sector and strategic sectors are invariably in the public sector. The government intervenes to prevent undue concentration of economic power, and monopolistic and restrictive trade practices. The rights of the individual are respected and protected subject only to the requirements of public law and order and morality. The benefits of mixed economic are producers and consumer have sovereignty to choose what to produce and what to consume but production and consumption of harmful goods and services may be stopped by the government. A mixed economy represents and achievable balance between individual initiative and social