What is studying microeconomics?
December 3, 2012
Microeconomics is part of economic theory. What is studying microeconomics? The answer is:
- Individual households, more precisely, their relationship with each other. Here, microeconomics as a science is interested, first of all, what motivates the actions of individuals when entering into any legal relations, types and nature of interaction.
- Enterprise as a holistic entity. We study the behavior of a team of people who are connected by a single production process.
- An extensive sphere of studying microeconomics is the markets for goods and services, where enterprises interact with each other and among themselves as integral units and separate individuals (consumers or groups of consumers, which are combined according to some common feature). Separate market relations are also being studied, for example, the oil products market.
- In addition, microeconomics is interested in the source of income of individuals, which is the result of their work in a particular area.
- The pricing of products and the redistribution of income is also studying microeconomics.
- Microeconomics examines all the factors affecting individual markets in order to determine the degree of their influence on the overall economic situation. To consolidate understanding, let us give an example: microeconomics studies the behavior of customers in a particular supermarket or in the grocery store chain.
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