Microeconomics: What is ' Microeconomics ' Definition

What is ' Microeconomics ' Definition: Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues. microeconomics , branch of economics that studies the behaviour of individual consumers and firms. Unlike macroeconomics, which attempts to understand how the collective behaviour of individual agents shapes aggregate economic outcomes, microeconomics focuses on the detailed study of the agents themselves, by using rigorous mathematical techniques to better describe and understand the decision-making mechanisms involved. The branch of microeconomics that deals with household behaviour is ... What is microeconomics ? Microeconomics is a part of economics that contemplates the traits of the decision-makers within the economy such as households, individuals, and enterprises. The term ‘firm’ is usually used to refer to all sorts of trades. Microeconomics is different from the study of macroeconomics that considers the economy as an entity. Concepts covered under microeconomics Dearth, choice, and opportunity cost: The manifesto on which the microeconomics notion is built reclines ...