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Term: microeconomic

Definition:

Microeconomic refers to the branch of economics that studies the behavior of individuals, households, and firms in making decisions regarding the allocation of limited resources.

Sense 1 - Adjective:

In the context of economics, microeconomic analysis focuses on the smaller-scale interactions and decisions of economic agents.

Example sentence: In microeconomic theory, the concept of supply and demand is used to analyze how prices are determined in a specific market.

Sense 2 - Noun:

The term "microeconomic" can also be used as a noun to refer to the economic theories and principles of microeconomics.

Example sentence: The study of microeconomic helps us understand the behavior of individual consumers and producers in a competitive market.

Related products on Amazon:

• Microeconomics textbooks
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• Principles of Microeconomics