THREE important aspects of Microeconomics. Mathematics & Economics

Microeconomics
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MICROECONOMICS
Microeconomics is a branch of economics that happens in the market. It explains what people are supposed to expect if certain conditions in the market will change. For example id the manufacturer will change the price of a car, then the demand for the car will decrease. There are basic principles of microeconomics (Hubbard, Garnett & Lewis, 2014). These principles include sovereignty, efficiency, and scarcity. These are the basic principles of human behavior and they exist irrespective of the fact that people live in planned economies or market economies.
The following are some of the key concepts of microeconomics. They include unlimited Human Wants, opportunity cost, and scarcity of resources.
Scarcity of resources- This is the si...