What is Islamic Microeconomics ? Meaning, Definition, and Example

Islamic Microeconomics refers to the study of individual economic units, such as households and firms, within the framework of Islamic principles.

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It incorporates price theory in Islamic economics and finance, which emphasizes the role of supply and demand while adhering to Islamic ethical guidelines, such as the prohibition of interest (riba) and unethical trading practices. Islamic microeconomics also analyzes the factors of production in Islam,

which include land, labor, capital, and entrepreneurship, with a focus on ensuring that these resources are utilized justly and in accordance with Islamic values of fairness, social justice, and equity. The ultimate goal is to achieve economic balance and prosperity without compromising moral and ethical standards.

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