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What is Micro economics?

Micro economics is the study of the different parts of the economy. Think of it as the function of a microscope. A microscope gets up so close that you can see the different parts of the cell. This is the same thing, but in economics. In studying micro economics we are studying the individual sectors of the economy and how they operate. In macroeconomics, on the other hand, we look atthe functioning of the economy as a whole.

Believe it or not, if you have been reading the previous sections on line, we have already delved into micro economics. By studying the laws of supply and demand and circular flow we were examining how different parts of the economy worked.

The economy is broken up into five parts known as sectors. These parts are:

1. The Consumer

2. Business

3. Government

4. Labor

5. Agriculture

In studying micro economics, we will cover all of these sectors.

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