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The micro aspects of economics, concerning the decision-making of individuals. Microeconomics analyses the choices of consumers (who can be individuals or households) and firms in a variety of market situations. Its aim is to explore how choices should be made, and to provide an explanation of choices that are made. Microeconomics also considers economies composed of individual decision-makers, and studies the existence and properties of economic equilibrium. The effect of government choices upon consumers and firms is also analysed, with the aim of understanding economic policy. See also applied microeconomics.

Subjects: Economics.

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