Microeconomics

Microeconomics

Introduction

A branch of economics that studies how individuals, households, and firms choose to use scarce resources efficiently in order to satisfy diverse wants or minimize losses. Individuals, households, and firms are considered to be economic units. By focusing on individual units rather than aggregate units or variables, the methodology of microeconomics is distinct from that of macroeconomics.

Conclusion

Economics has evolved as an empirical social science, and several theories in microeconomics and macroeconomics are drawn from scientific analyses to inform decision making at all levels. As such, microeconomics is also dependent on actual occurrences that are closely linked to cause-effect ...