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Microeconomics deals with various economics decisions which are made at a low or a micro level. More accurately, I would be defining microeconomics as "the study of the decisions made by individuals and groups, the factors that have an effect on those decisions and how those decisions affect others".
Microeconomic decisions by together firms and individuals are generally motivated by the cost and benefit considerations. Costs can either be in the terms of financial costs such as standard fixed costs and total unpredictable costs or they can be in terms of the opportunity cost, which considers alternatives foregone.
Micro economists think about questions such as "What determines how greatly a consumer will save?", "How much must a firm produce, given the tactics their competitors are using" and "Why do people often buy both insurance as well as lottery tickets?"
What exactly is Microeconomics? - How Others Define Microeconomics
Like mainly all other definitions in economics, there are different competing definitions of the expression Microeconomics. Browsing the web, we will discover various answers to the question:
The Economist's Dictionary of Economics has defined Microeconomics as "The study of economics at the point of individual consumers, several groups of consumers, or different firms... The general concern of microeconomics is the resourceful allocation of scarce resources between substitute uses but more particularly it involves the determination of price through the optimizing behavior of the economic agents, with consumers maximizing utility and firms maximizing their profits."
Example of a Microeconomics Question
How does the modification of a price of good influence the purchasing decision of a family? If my earnings rise, will I be tending to work more hours or less hours? Compare this with Macroeconomics, which deals with questions of a great scope, such as how do changes in interest rates influence the national savings?
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