Definition of Microeconomics:

  1. The part of economics concerned with single factors and the effects of individual decisions.

  2. Microeconomics is the social science that studies the implications of incentives and decisions, specifically about how those affect the utilization and distribution of resources. Microeconomics describes the pricing of products and money, causes of different prices to different people, how can provide more or less benefit to producers, consumers and others, and how individuals best coordinate and cooperate. Generally speaking, microeconomics provides a more complete and detailed understanding than macroeconomics.

  3. Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners. These groups create the supply and demand for resources, using money and interest rates as a pricing mechanism for coordination.

  4. Study of the economic behavior of individual units of an economy (such as a person, household, firm, or industry) and not of the aggregate economy (which is the domain of macroeconomics). Microeconomics is primarily concerned with the factors that affect individual economic choices, the effect of changes in these factors on the individual decision makers, how their choices are coordinated by markets, and how prices and demand are determined in individual markets. The main subjects covered under microeconomics include theory of demand, theory of the firm, and demand for labor and other factors of production.

How to use Microeconomics in a sentence?

  1. Breaking down another companies microeconomics can teach you a lot about how they run their business and what their goals are.
  2. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.
  3. Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption.
  4. Microeconomists formulate mathematical models based on samples of behavior and test the models against real-world observations.
  5. The nature of these relationships has been central to human ecology and geography, microeconomics, and the anthropological and political sciences.
  6. If you want to try and emulate a successful businesses, you can really break down their microeconomics to try and gain insight from what they did well.

Meaning of Microeconomics & Microeconomics Definition


Definition of Microeconomics:

  1. Brian Barnier is the chief analyst at Value Bridge Advisors, co-founder and editor-in-chief of FedishBoard.com, and a visiting professor at Colin Powell School, City University, New York City.

    • Microeconomics studies the decisions of individuals, companies to allocate resources for product exchange and consumption.
    • Microeconomics deals with prices and production in individual markets and interactions between different markets, but leaves the overall study of the economy to the economy.
    • Microeconomics develops a variety of models based on observed logic and human behavior and tests these models with real-world observations.

  2. Microeconomics can be defined as, The industrial sector that studies different parts of the economy, such as family, industry and business and how they make decisions about spending, use of goods and services, etc.

  3. Microeconomics refers to Investigate the behavior of basic economic units, such as companies, industries or families.

  4. The definition of Microeconomics is: It is the part of the economy that focuses on the actions of individuals and groups rather than the whole economy (ie macroeconomics).

Meanings of Microeconomics

  1. This part of the economy is affected by individual factors and the effects of individual choice.

Sentences of Microeconomics

  1. The nature of these relations has been the focus of the human environment and geography, microeconomics and anthropology, and political science.