Question

What is micro ecoconomies

Answer 1

Micro economies refer to the economic activities and interactions that occur at a smaller, more localized level. This can include individual households, small businesses, communities, or regions. In micro economies, resources are allocated, goods and services are produced and exchanged, and income and wealth are generated on a smaller scale compared to national or global economies. Micro economies can be influenced by factors such as consumer demand, production costs, competition, and regulations within a specific geographical area or industry.