Microeconomics analyzes the role of government in the economy and necessary political theories, the entire economy focusing on concepts like income, unemployment, inflation and interest rates, and how individual choices by consumers, firms and owners are influenced by prices. It also examines statistical relationships between variables through data collection and analysis.

1. Microeconomics analyzes: The role of the government in our economy and the political theories
necessary for efficient government operation. The entire economy, focusing on such concepts as
income, unemployment, inflation and interest rates Choices that are made by individual
consumers, firms and resource owners and the way in which the price mechanism influences
those decisions. The statistical relationships between variables by collecting data and performing
empirical analysis.