The field of economics that focuses on decision-making by individuals,businesses,industries,and government is called:
A) macroeconomics.
B) decision science.
C) mini-economics.
D) microeconomics.

Question

Quizplus · Accepted Answer

Microeconomics is the branch of economics that studies the behavior of individuals, households, and firms in making decisions regarding the allocation of limited resources. It involves analyzing the market forces of supply and demand, analyzing price and output decisions of firms, and predicting consumer behavior. In contrast, macroeconomics studies the overall performance and behavior of the whole economy, such as gross domestic product, inflation, and government policies that affect economic conditions. Therefore, microeconomics is the best choice to describe the study of decision-making by individuals, businesses, industries, and government.

The Field of Economics That Focuses on Decision-Making by Individuals,businesses,industries,and