MICROECONOMICS AND ECONOMIC DECISION
Micro economics aims to study the choices these individuals make and what are the reasons for such decisions and finally how these decisions are responsible for affecting the price, demand and supply of the goods and services. It also shows how consumers decide on what goods to choose amongst wide variety available and from which seller and the factors influencing such decision. It also aims to understand in what cases the consumers are indifferent in their choices.
Societies that are more individualistic (less collectivistic) tend to have smaller populations, higher mean incomes, and greater income inequality. Perhaps surprisingly, our model predicts that technological differences may matter a great deal for the size of the population but not for income or income inequality. We offer some historical evidence that is consistent with the predictions of the model.