Microeconomics studies individual decisions and how they affect markets from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
Microeconomics is all about looking at the small picture. It's about zooming in on individual decisions and how they can have a big impact on the wider world of markets. Imagine you're standing in a busy market square. You see people buying and selling all around you. Each of these transactions represents an individual decision - someone choosing to buy an apple, or sell a pair of shoes. Microeconomics is like putting a magnifying glass on these decisions, to see how they shape the bigger picture.
When we talk about individual decisions in microeconomics, we're not just talking about what people buy or sell. We're also interested in why they make these choices. What factors influence their decisions? Is it price? Or maybe personal preferences? By understanding these factors, economists can predict how people will behave in different situations. This helps businesses make decisions about what to produce, how much to charge, and where to sell their products.
But it's not just about individual choices. Microeconomics also looks at how th...
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