Microeconomics
Microeconomics is defined as the study of economics at individual consumers, businesses and groups of consumers’ levels. This concept of economics revolves around the choices made at a micro or low level by the entities mentioned above. It analyses these choices based on the factors affecting those decisions. Then it looks at how these micro decisions affect others.
Microeconomics: What motivates these decisions?
The decisions that are made at the micro levels are inspired by costs and benefits. Costs could refer to direct fixed and variable costs or the opportunity costs. The role of micro economists is to:
• Determine the amount that would be saved by the consumer.
• The amount a firm must produce while considering its competitors’ tactics
• Why people purchase lottery tickets and insurance.
Microeconomics examines how individuals and firms make decisions given the allotment of limited resources. It evaluates how these decisions affect the supply and demand for products and services.
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