At the core level, the economy is based on analyzing the choices the individuals make and the impact of choices on societies, groups of people, and other concerned parties. Talking about microeconomics, it is a subset of economics. It deals with markets, organizations, and individuals. While studying economics, you come to know about the role of businesses and consumers in an economy. The focus is on how these groups of people take the decision. There are several methods and theories to understand these decisions and their impact.
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Major Concepts from Microeconomics
The study of microeconomics comprises of several theory and branches, some of which include:
1. Supply and Demand: It can be defined as an economic model for the determination of price in what is known a the perfectly competitive market. A supply schedule is a method to study the relationship of the good’s price and how much quantity of this good is supplied.
2. Theory of Production: It discusses the principles through which company takes the decision on how much quantity of the commodity it will produce.
3. Consumer Demand Theory: It involves study and examination of the utility produced from the satisfaction related to needs and wants of a consumer.
4. Perfect Competition: It is a scenario in which sellers and buyers are huge in number and well informed that each element of monopoly is absent. Also, in this scenario, the market price of a commodity is not controlled by a seller or buyer.
5. Monopoly: It is a situation in which a particular enterprise or an individual is the sole supplier of a commodity in question. Price in this situation usually remains stable due to lack of competition. The supplier generates huge profits, as there is no other player.
6. Oligopoly: A market situation in which a small number of sellers or producers are present in a market. Consumers get a benefit due to the rigidity in prices. The companies remain motivated to offer better services and to be more innovative, as these factors help in staying competitive.
7. Game Theory: The study of human cooperation and conflict during a competitive situation is referred to as the game theory. This type of mathematical modeling helps in analyzing the phenomenon of bargaining and coalition formation.
8. Monopsony: It is a market situation with an only single buyer. This single buyer usually interacts various potential sellers related to a specific product.
9. Labor Economics: The aim of labor economics is to study the dynamics and functioning of the labor forces. In this form of study, the labor force is treated as an element in the production process.
10. Welfare Economics: This branch involves right allocation of goods and resources. It also includes the study of the impact of the resources on the social welfare.
11. Economics of Information: The impact of information and information systems on economic decisions and economy are studied in this branch of microeconomics known as the economics of information or simply information economics.
These are some broader topics and concepts from microeconomics. Each topic can be breakdown into various sub-topics and concepts. Our experts offer microeconomics assignment help each of these sub-topics and concepts.
Why is Microeconomics Difficult?
Economics, in general, is considered a little bit difficult. The difficulty level arises as the student starts studying intermediate and advanced level topics.
When compared to macroeconomics, the students find microeconomics more difficult. The difficulties arise mainly in entry-level microeconomics because of the usage of calculus-level mathematical concepts. Unlike macroeconomics, the topics in microeconomics are not interconnected. Most of the concepts are abstract and generally difficult to understand. Students also need to have strong data crunching skills and analytical approach.
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The Career in Microeconomics
In general, economics has various options for a student. One can become financial risk analyst, forensic accountant, actuarial analyst, and data analyst. If we specifically talk about students from microeconomics, there is a huge demand in various sectors. Due to this type of specialization, you can get attractive job offers.
You can serve the government or work in the private sector in the finance department. You can also find the interesting job related to analyzing market behavior.
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