Microeconomics

Microeconomics (literally, very small economics) is the study of the economic behaviour of individual consumers, firms, and industries and the distribution of production and income among them. It considers individuals both as suppliers of labour and capital and as the ultimate consumers of the final product. It analyzes firms both as suppliers of products and as consumers of labour and capital.

Related Topics:
Economic - Labour - Capital

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Microeconomics seeks to analyze the market form or other types of mechanisms that establish relative prices amongst goods and services and/or allocates society's resources amongst their many alternative uses.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Fundamental concepts in microeconomics

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Scarcity - Opportunity cost - Supply and demand - Elasticity - Consumer and producer surplus - Aggregation of individual demand to total, or market, demand

Related Topics:
Scarcity - Opportunity cost - 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

Related Topics:
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 of scale - Economies of scope - Profit maximization - Price discrimination - Transfer pricing - Joint product pricing - Price points

Related Topics:
Production, costs, and pricing - Production theory basics - X-efficiency - Factors of production - Production possibility frontier - Production function - Economies of scale - 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

Related Topics:
Market form - Perfect competition - Monopoly - Monopolistic competition - Oligopoly - Concentration ratio - Herfindahl index

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Welfare economics

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Welfare economics - Pareto efficiency - Kaldor-Hicks efficiency - Edgeworth box - Social welfare function - Income inequality metrics - Lorenz curve - Gini coefficient - Poverty level - Dead weight loss

Related Topics:
Welfare economics - Pareto efficiency - Kaldor-Hicks efficiency - Edgeworth box - Social welfare function - Income inequality metrics - Lorenz curve - Gini coefficient - Poverty level - Dead weight loss

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Market failure

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

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

Related Topics:
Market failure - Collective action - Information asymmetry - Externality - Social cost - Free goods - Taxes - Tragedy of the commons - Tragedy of the anticommons - Coase's Penguin

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Financial economics

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Efficient markets theory - Financial economics - Finance - Risk

Related Topics:
Efficient markets theory - Financial economics - Finance - Risk

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

International trade

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

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

Related Topics:
International trade - Terms of trade - Tariff - List of international trade topics

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Methodology

~ ~ ~ ~ ~ ~ ~ ~ ~ ~

General equilibrium - Game theory - Institutional economics - Neoclassical economics - Austrian economics

Related Topics:
General equilibrium - Game theory - Institutional economics - Neoclassical economics - Austrian economics

~ ~ ~ ~ ~ ~ ~ ~ ~ ~