Microeconomics

Microeconomics

Microeconomics (pronounced: /ˌmaɪ.kroʊ.iː.kəˈnɒm.ɪks/) is a branch of Economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.

Etymology

The term "Microeconomics" is derived from the Greek prefix micro- meaning "small" and the word economics. The term was first coined by Ragnar Frisch in 1933.

Related Terms

• Demand
• Supply
• Market Equilibrium
• Elasticity
• Consumer Theory
• Production Theory
• Perfect Competition
• Monopoly
• Oligopoly
• Monopolistic Competition
• Game Theory
• Welfare Economics
• Externalities
• Public Goods

See Also

• Macroeconomics
• Econometrics
• Behavioral Economics
• Development Economics
• International Economics

References

External links

• Medical encyclopedia article on Microeconomics
• Wikipedia's article - Microeconomics

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