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 ?
Economics, anchored in the classic and neoclassic micro-economics tradition, did not really know what to do with creativity.
The organic interwovenness of micro-economics and business economics implies that, along with everything else, business economics as a normal science shares the suppositions of (neo)classic micro-economic theory, including its deficiencies and weak points.
The standard micro-economic analysis mainly concentrates on the way the price mechanism coordinates the economic decisions in the market.
This textbook by Carbaugh (economics, Central Washington U.) is intended for use in one-term survey of macro- and micro-economics courses for undergraduate students majoring in business, economics, and other disciplines.
'In a world of macro-economics, we seem to be clearly witnessing micro-economics at work.'
All aspects of the women's work in the respective trades, the micro-economics of trade, the trade-specific problems, and issues of women have been described at length.
What it retains and builds on is the fundamental assumption of scarcity and hence competition - the basis of the choice theoretic approach that underlies micro-economics. What it abandons is instrumental rationality - the assumption of neo-classical economics that has made it an institution-free theory.

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