Microeconomics

What is microeconomics?What is Microeconomics?

When the question is asked what is microeconomics, this answer might help.

Microeconomics comes from the greek word micro meaning small.

Economics is about making economic decisions, so as to make the best use of scarce resources.

So microeconomics focusses on individual consumers and businesses rather than the whole economy. These individuals and businesses must make the best use of scarce resources. This is the economic concept of scarcity.

Interaction between consumers and businesses takes place in ‘markets‘.

Because of this, learning about markets is very important in microeconomics.

Now learn more by accessing these free resources and low cost business tutorials.

17

Oct'18

What is a Market?

What is a Market? A market is a place (physical or virtual) where buyers meet sellers to purchase a good or service. An example of a market is a sharemarket. Another is a farmer’s market, where growers and small producers of cheese, wine, jams and so on bring their produce to …

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17

Oct'18

Introductory Microeconomics Questions

These introductory microeconomics questions and answers will help you with your accounting study so you succeed. Move through the microeconomics questions and answers in order, so you go through the important introductory concepts in sequence. Take advantage of the links to the low cost tutorial topics with videos and quizzes so …

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17

Oct'18

What are Resources in Economics

What are Resources in Economics? Resources in economics includes the inputs into the production process. Economists think much deeper than accountants. Accountants analyse and report things that are measured in number form or quantified. Economists consider at all items and conditions that are required to produce a product. For example, to grow …

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19

Mar'18

What is Demand and Supply?

What is Demand and Supply? Demand and supply is a fundamental concept in economics. In a market, the forces of demand and supply interact to create the ‘price mechanism‘. This is the way a market economy works. Demand comes from the buying (consumer) side of a market, whilst supply is …

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