Definitions for microeconomics
ˌmaɪ kroʊˌɛk əˈnɒm ɪks, -ˌi kə-micro·eco·nomics

Princeton's WordNetRate this definition:0.0 / 0 votes

1. microeconomicsnoun

   the branch of economics that studies the economy of consumers or households or individual firms

WiktionaryRate this definition:2.0 / 1 vote

1. microeconomicsnoun

   That field of economics that deals with the small-scale economic activities such as that of the individual or company.

WikipediaRate this definition:0.0 / 0 votes

1. Microeconomics

   Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deals with the effects of economic policies (such as changing taxation levels) on microeconomic behavior and thus on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theories has been built upon microfoundations—i.e. based upon basic assumptions about micro-level behavior.

ChatGPTRate this definition:0.0 / 0 votes

1. microeconomics

   Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. It involves the analysis of specific markets, sectors, and industries, examining issues such as supply and demand, price, competition, efficiency, consumer behavior and government policies.

WikidataRate this definition:0.0 / 0 votes

1. Microeconomics

   Microeconomics is a branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Typically, it applies to markets where goods or services are 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 quantity supplied and quantity demanded of goods and services. This is in contrast to macroeconomics, which involves the "sum total of economic activity, dealing with the issues of growth, inflation, and unemployment." Microeconomics also deals with the effects of national economic policies on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior. One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.

Matched Categories

1. • Economics

How to pronounce microeconomics?

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Numerology

1. Chaldean Numerology

   The numerical value of microeconomics in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of microeconomics in Pythagorean Numerology is: 1

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References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=microeconomics
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Microeconomics
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Microeconomics
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=microeconomics