Definition: Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Description: Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand.
What you'll learn
- Supply, Demand and Market Equilibrium
- Consumer and Product Surplus
- Scarcity, Preferences and Opportunity Cost
- Product Decisions and Economic Profit
- Game Theory and Nash Equilibrium