Micro Economics is that branch of economics that studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. In micro economics, the following theories are dealt with: Demand theory deals with consumers’ behaviour. It answers such questions as: How do the consumers decide whether or not to buy a commodity? How do they decide on the quantity of a commodity to be purchased? When do they stop consuming a commodity? How do the consumers behave when price of the commodity, their income and tastes and fashions, etc., change? At what level of demand, does changing price become inconsequential in terms of total revenue? The knowledge of demand theory can, therefore, be helpful in making the choice of commodities, finding the optimum level of production and in determining the price of the product. Production theory explains the relationship between inputs and output. It also explains under what conditions costs increase or decrease; how total output behaves when units of one factor (input) are increased keeping other factors constant, or when all factors are simultaneously increased; how can output be maximized from a given quantity of resources; and how can the optimum size of output be determined? Production theory, thus, helps in determining the size of the firm, size of the total output and the amount of capital and labour to be employed, given the objective of the firm. Price theory explains how price is determined under different kinds of market conditions; when price discrimination is desirable, feasible and profitable; and to what extent advertising can be helpful in expanding sales in a competitive market. Thus, price theory can be helpful in determining the price policy of the firm. Price and production theories together, in fact, help in determining the optimum size of the firm. Profit making is the most common objective of all business undertakings. But, making a satisfactory profit is not always guaranteed because a firm has to carry out its activities under conditions of uncertainty with regard to: (i) demand for the product, (ii) input prices in the factor market, (iii) nature and degree of competition in the product market, and (iv) price behaviour under changing conditions in the product market, etc. Therefore, an element of risk is always there even if the most efficient techniques are used for predicting the future and even if business activities are meticulously planned. The firms are, therefore, supposed to safeguard their interest and avert or minimize the possibilities of risk. Profit theory guides firms in the measurement and management of profit, in making allowances for the risk premium, in calculating the pure return on capital and pure profit and also for future profit planning.

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Database technology involves designing, implementing, and maintaining systems for storing, retrieving, and managing data efficiently and securely. A database is a structured collection of data, while the software used to manage it is known as a Database Management System (DBMS). The field is foundational to modern computer applications, including websites, enterprise resource planning (ERP) systems, and financial transactions.