________ is the cost of any activity measured in terms of value of the next best alternative forgone.

All important decisions regarding production, exchange and consumption of goods and services are made by the

Micro economics is the___________study of the economy.

The term micro is derived from

The output produced in an economy is distributed among various factors of production is known as

____________ studies whether resources are efficiently allocated.

The distinction between micro and macro economics was made by

Individual economic analysis does not deal with

Macro economics explains

______________ is not the subject matter of micro economics.