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What is Microeconomics?
Microeconomics in the Greek language is described as "micro" means "small" and it is an important branch of economics subject that is the study of the relationship between the economic characteristics and their behaviors. Microeconomics involves the study of the decision-making process that is associated with the management of the economic figures and finances. Basically, microeconomics focuses on the pattern or the chain of supply and demand, increase and decrease in the price, and inputs and output of the individual markets and then, displays how the decision of any individual can affect the supply and demand for goods and services.
Microeconomics Theories and Concepts
- Consumer demand theory
- Theory of production
- Production cost
- Perfect Theory
- Monopoly
Topics to cover
- Supply, Demand, and Equilibrium
- Measurement of Elasticity
- Perfect Competition
- Market Structure
- Consumer Demand Theory
- Theory of Production
- Cost of Production
- Monopoly
- Oligopoly
- Discrimination concepts
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