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Microeconomics
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If each of us could get all the food, clothing, and toys we want without working, no one would study economics. Unfortunately, most of the good things in life are scarce—we can’t all have as much as we want. Thus scarcity is the mother of economics.
Microeconomics is the study of how individuals and firms make themselves as well off as possible in a world of scarcity and the consequences of those individual decisions for markets and the entire economy. In studying microeconomics, we examine how individual consumers and firms make decisions and how the interac- tion of many individual decisions affects markets.
Microeconomics is often called price theory to emphasize the important role that prices play. Microeconomics explains how the actions of all buyers and sellers deter- mine prices and how prices influence the decisions and actions of individual buyers and sellers.
JEFFREY M. PERLOFF - Personal Name
6th Edititon
13: 978-0-273-75460-
NONE
Microeconomics
Economics
English
Pearson Education Limited
2012
England
1-805
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