The field of applied microeconomics (Â“applied microÂ”) is a fundamentally outward-looking branch of economics. Applied microeconomists take economic theories and methodologies out into the world and apply them to interesting questions of individual behavior and societal outcomes. Applied microeconomics is a sub-field of economics which uses data and econometric methods to test economic theory. It is the subspecialty of economics that strives to understand how individuals, households or consumers, and companies or producers choose to allocate their limited resources and how they arrive at those decisions in rational fashion. Sometimes the theory being tested is well-defined but often it is a general question where the researcher does not have a specific theoretical prediction. Innovations are new idea, device or process. Innovations are the application of better solutions that meet new requirements, inarticulated needs or existing market needs. It is proficient through more effective products, processes, services, technologies, or new ideas that are readily available to markets, governments and society. Innovations are something original and novel, as a significant, new that Â“breaks intoÂ” the market or society.
Last date updated on July, 2014