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Microeconomics
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Microeconomics
Dictionary Definition
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Definition |
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Microeconomics: The study of
the operations of the components of
a national economy, such as individual
firms, households, and consumers.
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Source and
Copy Right Information:
Dictionary
definition of Microeconomics
The American Heritage® Dictionary
of the English Language, Fourth Edition
Copyright © 2004, 2000 by
Houghton Mifflin Company. Published
by Houghton Mifflin Company. All rights
reserved.
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from
Dictionary
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Microeconomics:
Investopedia
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Definition |
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The branch of economics that analyzes
the market behavior of individual consumers
and firms in an attempt to understand
the decision-making process of firms
and households. It is concerned with
the interaction between individual buyers
and sellers and the factors that influence
the choices made by buyers and sellers.
In particular, microeconomics focuses
on patterns of supply and demand and
the determination of price and output
in individual markets (e.g. coffee industry).
Investopedia Says: The field
of economics is broken down into two
distinct areas of study: microeconomics
and macroeconomics. Microeconomics looks
at the smaller picture and focuses more
on basic theories of supply and demand
and how individual businesses decide
how much of something to produce and
how much to charge for it. People who
have any desire to start their own business
or who want to learn the rationale behind
the pricing of particular products and
services would be more interested in
this area.
Macroeconomics, on the other hand, looks
at the big picture (hence "macro").
It focuses on the national economy as
a whole and provides a basic knowledge
of how things work in the business world.
For example, people who study this branch
of economics would be able to interpret
the latest Gross Domestic Product figures
or explain why a 6% rate of unemployment
is not necessarily a bad thing. Thus,
for an overall perspective of how the
entire economy works, you need to have
an understanding of economics at both
the micro and macro levels.
Related Links:
Learn economics principles such as the
relationship of supply and demand, elasticity,
utility, and more!
Economics Basics From unemployment
and inflation to government policy,
learn what macroeconomics measures and
how it affects everyone.
Macroeconomic Analysis
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Source and
Copy Right Information:
Investment
information about Microeconomics.
Copyright ©2000,
Investopedia.com - Owned and Operated
by Investopedia Inc. All rights reserved.
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from
Investment.
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The
supply and demand
model describes how
prices vary as a result
of a balance between
product availability at
each price (supply) and
the
desires price
(demand). The graph
depicts a right-shift in
demand from D1 to D2
along
with the consequent
increase
in price and
quantity
required to reach
a
new market-clearing
equilibrium
point on the
supply
curve (S)
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Microeconomics
: Britannica Concise Encyclopedia
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Definition |
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Study of the economic behaviour of individual
consumers, firms, and industries and
the distribution of total production
and income among them. It considers
individuals both as suppliers of
land,
labour, and
capital and as the ultimate consumers
of the final product, and it examines
firms both as suppliers of products
and as consumers of labour and capital.
Microeconomics seeks to analyze the
market or other mechanisms that
establish relative prices among goods
and services and allocate society's
resources among their many possible
uses. See also
macroeconomics.
For more information on
microeconomics, visit
Britannica.com.
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Source and
Copy Right Information:
Britannica
information about Microeconomics
Britannica Concise Encyclopedia.
© 2006
Encyclopedia Britannica, Inc. All
rights reserved.
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from
Britannica
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Microeconomics
: Barron's Finance and Investment Terms
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Definition |
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Study of the behavior of basic economic
units such as companies, industries,
or households. Research on the companies
in the airline industry would be a microeconomic
concern, for instance. See also
Macroeconomics.
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Source and
Copy Right Information:
Finance
and Investment Terms information about
Microeconomics. Dictionary
of Finance and Investment Terms.
Copyright © 2006 by
Barron's Educational Series, Inc.
All rights reserved.
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from
Finance and Investment Terms.
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Microeconomics
: Houghton Mifflin Company
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Definition |
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Economic analysis of particular components
of the economy, such as the growth of
a single industry or demand for a single
product. (Compare
macroeconomics.)
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Source and
Copy Right Information:
Economics
information about Microeconomics.
The New Dictionary of
Cultural Literacy, Third Edition
Edited by E.D. Hirsch, Jr., Joseph F.
Kett, and James Trefil. Copyright ©
2002 by
Houghton Mifflin Company. Published
by Houghton Mifflin. All rights reserved.
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from
Economics
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Microeconomics
: Word Net
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Definition |
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Microeconomics is the
branch of economics that studies the
economy of consumers or households or
individual firms.
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Source and
Copy Right Information:
WordNet
information about Microeconomics.
WordNet 1.7.1 Copyright ©
2001 by Princeton University. All rights
reserved.
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from
WordNet
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Microeconomics
: Wikipedia [Webmaster's Choice]
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Definition |
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Microeconomics is a branch of
economics that studies how individuals,
households, and firms make decisions
to allocate limited resources, typically
in markets where goods or services are
being bought and sold.
Microeconomics examines how these decisions
and behaviors affect the supply and
demand for goods and services, which
determines prices, and how prices, in
turn, determine the supply and demand
of goods and services. Microeconomics
has been called the bottom-up view of
the economy, or how people deal with
money, time, and resources.
Macroeconomics studies the sum total
of economic activity, dealing with the
issues of
growth,
inflation, and
unemployment and with national economic
policies relating to these issues and
the effects of government actions (e.g.,
changing
taxation levels) on them.
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Source and
Copy Right Information:
Wikipedia
information about Microeconomics.
This article is licensed
under the
GNU Free Documentation License.
It uses material from the
Wikipedia article "Microeconomics".
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