615115 - Surname 1 Name Institution Course Date Micro...

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Surname 1 Name: Institution: Course; Date: Micro Economic Concepts and Capatilism Economics is a brunch of science that deals with the production, distribution and consumption of commodities and services. Capitalism on the other hand refers to an economic system by which production is privately owned by individuals in a freely competitive market where capital is utilized mainly in the production, and distribution of goods and services with the aim of profit making. Economics is however divided into two; macro economics and micro economics. Micro economics however deals with the analysis of market behavior of firms and individuals and how it affect their decision making process( Hakiki and Chauhan, 20). The concept of Micro-economics The five main concepts of micro economics are; the concept of demand, Price Elasticity of Demand, Price Elasticity of Supply, Perfect Competition and Imperfect Competition. Meaning of the Various concepts of micro economics Concept of Demand

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