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Microeconomics

(microeconomics)





Microeconomics is the study of the economic behaviour ofindividual consumers, firms, and industries and the distribution of production and income among them. It considers individualsboth as suppliers of labour and capital and as the ultimate consumers of the final product. Onthe other hand, it analyzes firms both as suppliers of products and as consumers of labour and capital.

Microeconomics seeks to analyze the market form or other types ofmechanisms that establish relative prices among goods and services and/or allocates society's resources among their manyalternative uses.

Fundamental concepts in microeconomics
Scarcity - Opportunitycost - Supply and demand - Elasticity - Consumer and producer surplus - Aggregation of individual demand to total, or market,demand

Consumer theory
Consumer Theory - Preference - Indifference curve - Utility - Marginal utility - Income

Production and pricing theory
Production, costs, and pricing - Production theory basics - X-efficiency - Factors of production - production possibility frontier - Production function - Economies ofscale - Economies of scope - Profit maximization - Price discrimination - Transfer pricing - joint product pricing - price points

Industrial organization
Market form - Perfect competition - Monopoly - Monopolistic competition - Oligopoly - Concentration ratio - Herfindahl index

Welfare economics
Welfare economics - Pareto efficiency - Kaldor-Hicksefficiency - Social welfare function - Income inequality metrics - Lorenz curve - Gini coefficient - Poverty level

Market failure
Market failure - Collective action - Informationasymmetry - Externality - Social cost - Free goods - Taxes - Tragedy of the commons - Coase's Penguin

Financial economics
Efficient markets theory - Financial economics - Finance - Risk

International trade
International trade - Terms of trade - Tariff - List of international trade topics

Methodology
General equilibrium - Game theory - Institutionaleconomics - neoclassical economics - Austrian economics

See also

List of MarketingTopics List of ManagementTopics
List of EconomicsTopics List of AccountingTopics
List of FinanceTopics List of Economists

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