Microeconomics (Noun)
Meaning
The branch of economics that studies the economy of consumers or households or individual firms.
Classification
Nouns denoting cognitive processes and contents.
Examples
- Microeconomics is concerned with the actions and decisions of individual economic units, such as firms and households.
- microeconomics examines the behavior of individual consumers and firms in order to understand their decision-making processes.
- The microeconomics course I took in college focused on the supply and demand theory and its application to real-life scenarios.
- Microeconomics helps us to understand the working of individual markets, such as the market for eggs or wheat.
- In microeconomics, the concept of opportunity cost is crucial in evaluating the choices made by individual economic agents.