Microeconomics

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Microeconomics

Analysis of the behavior of individual economic units such as companies, industries, or households.

Microeconomics

The study of the behavior of individuals, companies, and industries. That is, macroeconomics studies economic decisions at the individual and small unit level. It does not look at the function of larger data sets like GDP or national debt. It is useful in helping determine what motivates individual buyers and sellers to do what they do. See also: Macroeconomics, Bottom-up investing.

microeconomics

the branch of economics concerned with the study of the behaviour of CONSUMERS and FIRMS and the determination of the market prices and quantities transacted of FACTOR INPUTS and GOODS and SERVICES. Microeconomic analysis investigates how scarce economic resources are allocated between alternative ends and seeks to identify the strategic determinants of an optimally efficient use of resources. See also THEORY OF CONSUMER BEHAVIOUR, THEORY OF THE FIRM, THEORY OF MARKETS, THEORY OF DEMAND, THEORY OF SUPPLY, MACROECONOMICS.
References in periodicals archive ?
To obtain OIRA approval, the agency must also show that no alternative regulation achieves a better balance between benefits and costs, as these are defined and measured within the two corners--WTP and WTA--of microeconomic theory.
Starting 25 years ago, with generous funding from conservative foundations, the law and economics movement successfully introduced microeconomic theory and the logic of markets to legal scholarship and education.
This theory of how wages are determined lies at the core of standard microeconomic theory and has been verified empirically in literally hundreds of studies.
He is writing a book entitled Microeconomic Theory of the Family, and one of his recent papers is entitled "Youth Employment in the United States: Trends and Implications.
Microeconomic theory easily explains this balancing process by using the daily fish market as an example.
In microeconomics, Microeconomic Theory by MasColell, Whinston, and Green (1995) was the most often used primary text, and Varian's Microeconomic Analysis (1992) was the second most often used primary text.
While too unsystematic to be useful as case studies, these stories of individual human experience, when read together with Yunus' sketches of modified assumptions of microeconomic theory (to take into account non-material incentives and disincentives), make for interesting and inspiring reading.
In 1946, Friedman succeeded Viner in teaching microeconomic theory at Chicago.
By failing to make economics seem even slightly relevant, most of the knowledge I picked up was limited to study of the now-discredited Philips curve, convoluted flow diagrams explaining how Government spending and tax interrelated, and the excitingworl d of microeconomic theory.
A method of aggregation that is consistent with microeconomic theory was suggested by Barnett (1980).
Microeconomic Theory * Macroeconomic Theory * Reimbursement Issues * Diagnosis Related Groups * Capitation * Motivational Theories * Mission Statements * Organizational Charts * Cost Accounting Principles * Capital Budgeting Techniques * Product Life Cycle * Pricing Techniques * National Health Care Reform * Job Hunting Tips
First, it is developed by industrial engineers and based in statistical theory, while conventional management practices are developed at leading business schools and based on microeconomic theory.