Explain the following terms:i) Microeconomicsii) Positive economicsiii) Factor marketiv) Elasticityv) General equilibriumvi) Utility

i) Microeconomics: This is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. It focuses on supply and demand and other forces that determine the price levels seen in the economy.

ii) Positive economics: This is a branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause-and-effect behavioral relationships and includes the development and testing of economics theories. Positive economics is often contrasted with normative economics, which involves the "ought to" decisions and policy recommendations.

iii) Factor market: This is a marketplace for the services of a factor of production (like labor, capital, or land). In other words, it's a market where companies buy what they need to produce goods and services. These markets are also known as input markets.

iv) Elasticity: In economics, elasticity refers to the degree to which demand or supply responds to changes in price. If a small change in price is accompanied by a large change in quantity demanded or supplied, the product is said to be elastic (or responsive to price changes). Conversely, a product is inelastic if a large change in price is accompanied by a small amount of change in quantity demanded or supplied.

v) General equilibrium: This is a state in an economic system where all markets are in equilibrium at the same time. This means that supply equals demand in every market, so there's no pressure for prices to change.

vi) Utility: In economics, utility is a measure of satisfaction, happiness, or benefit that a consumer derives from consuming a good or service. The more a person gains from something, the higher its utility. It's a way to quantify the value that an individual gets from consuming goods and services.