Microeconomics is a sub-field of economics studied to analyse individuals or firms. All the students who wish to pursue a career as economists are expected to study microeconomics with great depth. The teachers give students homework on microeconomics regularly.
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The basic concept of microeconomics is the supply and demand of the goods with the changes in prices. Let us understand supply and demand in more detail.
Though microeconomics is based on supply and demand, it does has some other concepts. These concepts are:
We are all aware of the concept of markets. In microeconomics, there are different types of market classifications. Classifications are generally done based on competition. The various types of markets are:
These are three basic market structures. The other markets that exist are:
For students learning economics, it is essential to know the theories of microeconomics. The microeconomic theories are:
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