microeconomics


mi·cro·eco·nom·ics

noun plural but usually singular in construction \-ˌe-kə-ˈnä-miks, -ˌē-kə-\

: the study of the economic decisions and actions of individual people, companies, etc.

Full Definition of MICROECONOMICS

:  a study of economics in terms of individual areas of activity (as a firm) — compare macroeconomics
mi·cro·eco·nom·ic \-ˈnä-mik\ adjective
mi·cro·econ·o·mist \-i-ˈkä-nə-mist\ noun

First Known Use of MICROECONOMICS

1943

microeconomics

   (Concise Encyclopedia)

Study of the economic behaviour of individual consumers, firms, and industries and the distribution of total production and income among them. It considers individuals both as suppliers of land, labour, and capital and as the ultimate consumers of the final product, and it examines firms both as suppliers of products and as consumers of labour and capital. Microeconomics seeks to analyze the market or other mechanisms that establish relative prices among goods and services and allocate society's resources among their many possible uses. See also macroeconomics.

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