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Another subject that will be discussed is the identification of factors that lead to the changes in supply and demand. In order to better understand what is being discussed going to start with the definitions.
Define Economics
“Economics is the branch of social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house (hold)" (CommerceGoal.com, 2006-2008).
Define Microeconomics
“The branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households...
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