Introduction to Microeconomics in the Real World

The term microeconomics is a combination of two words: micro, which means “small,” and economics. It is the branch of economics that studies the relationship between economic behaviour and its characteristics. It is concerned with the decision-making process required for financial and economic management. Microeconomics is used to highlight the variables that can influence a person’s behaviour and choices. As a result, it is possible to conclude that microeconomics is always concerned with the trends of demand and goods, costs, and outcomes of a specific market.

KEY FEATURE

Microeconomics demonstrates how free markets lead to desirable allocations. It also investigates market failure, which occurs when markets fail to produce efficient results.

Microeconomics is a branch of economics that studies the characteristics of economic decision-makers such as households, individuals, and businesses.

Microeconomics is also concerned with the effects of economic policies on microeconomic behaviour and, as a result, the aforementioned aspects of the economy.

Much of modern macroeconomic theory, particularly in the aftermath of the Lucas critique, has been built on microfoundations—that is, on basic assumptions about micro-level behavior.

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Key Topics

    Advantages Of Microeconomics

    This subject is essential for understanding the key aspects of modern economic theories. The following are the study’s advantages:
    • To comprehend how an economy works.
    • For the legal designation and use of infrequently accessible assets.
    • It aids in the disclosure of a specific item’s value.
    • It is necessary for global exchange.
    • It aids in the clarification of various financial approaches.
    • It aids financial plans in advancing overall monetary development.
    • It investigates social needs in various economic situations, such as imposing business models, and so on.
    • It assists the local government in developing financial strategies such as taxation arrangements and so on.

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    Topics Covered By Our Microeconomics In The Real World Experts

    • Main Principles and Terms of Economics (Scarcity, Opportunity Cost, Externality, Inflation, etc.)
    • Observation, Assumptions and Economic Models
    • The Relationship between Economy Participants
    • The Production Possibilities Frontier
    • Microeconomics vs. Macroeconomics
    • Positive vs. Normative Economics
    • Specialization and Trade
    • Import/Export
    • Money and Its Functions
    • Markets and Competition
    • Demand and Supply (Movements, Shifts, Equilibrium)
    • Price Elasticity of Demand and Its Determinants
    • Income and Cross-Price Elasticity of Demand
    • Price Elasticity of Supply and Its Determinants
    • Price Ceiling and Price Floor
    • Minimum Wage Impact on the Labor Market
    • Tax Burden Division among Buyers and Sellers
    • Direct vs. Indirect Taxes
    • Progressive vs. Regressive Taxes
    • Fiscal vs. Monetary Policy
    • Consumer and Producer Surplus
    • Market Efficiency
    • Deadweight Loss and Tax Revenue
    • The Impact of International Trade on Importing and Exporting Countries
    • Tariff and Deadweight Loss
    • Arguments for Restricting Trade
    • Positive and Negative Externalities, Social Optimum
    • Policies toward Externalities
    • Public Goods and Common Resources
    • Tragedy of the Commons
    • The Design of the Tax System
    • The Costs of Production
    • Economies and Diseconomies of Scale
    • Break-Even Analysis
    • Competitive Market and Its Characteristics
    • Monopolies and the Reasons Why They Exist
    • Natural Monoply
    • Price Descrimination
    • Monopolistic Competition and Its Characteristics
    • Oligopoly, Duopoly and the Characteristics
    • Game Theory (Prisoner’s Dilemma, Profits Maximization, An Arms-Race Game, A Common-Resources Game)
    • Profit Maximization in Different Markets
    • The Markets for the Factors of Production
    • Earnings and Discrimination
    • Maslow’s Hierarchy of Needs
    • Indifference Curves and Budget Constraint
    • Substitutes and Complements
    • Income and Substitution Effects
    • Economics of Asymmetric Information (Moral Hazard, Adverse Selection)
    • Political Economy
    • Behavioral Economics
    • Regression Analysis and Various Excel Calculations
    • Building Demand Function for a Real Company

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