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The word “micro” comes from Greek, and means small. Consequently, microeconomics is a science that studies economic actions of individual households, firms, and industries. Therefore, this discipline studies “economics in small” or, in other words, it studies the actions of individual economic units.

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  • Classic duopoly model

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  • Market failure and externalities

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  • Applied microeconomics

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  • Labour economics

    Labour economics is the important sphere of microeconomics which studies the level of employment and wages, the dynamics of the labour market and the rate of return, and many more.

  • Health care economics

    This specific branch studies health care insurance programs, health care workforce, and urban economics.

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