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Microeconomics - Paper

Microeconomics

Microeconomics (from Greek prefix micro- meaning "small" + "economics") is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources.[1] Typically, it applies to markets where goods or services are being bought and sold. Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.[2][3]

This is a contrast to macroeconomics, which involves the "sum total of economic activity, dealing with the issues of growth, inflation, and ...

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resources amongst many alternative uses. Microeconomics analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market ...

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Microeconomics. (2011, March 16). Retrieved November 23, 2024, from http://www.essayworld.com/essays/Microeconomics/96206

"Microeconomics." Essayworld.com. Essayworld.com, 16 Mar. 2011. Web. 23 Nov. 2024. <http://www.essayworld.com/essays/Microeconomics/96206>

"Microeconomics." Essayworld.com. March 16, 2011. Accessed November 23, 2024. http://www.essayworld.com/essays/Microeconomics/96206.

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PAPER DETAILS

Added: 3/16/2011 07:36:08 PM
Submitted By: dee91
Category: Economics
Type: Premium Paper
Words: 236
Pages: 1

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