microeconomics

  

Definition

Study of the economic behavior of individual units of an economy (such as a person, household, firm, or industry) and not of the aggregate economy (which is the domain of macroeconomics). Microeconomics is primarily concerned with the factors that affect individual economic choices, the effect of changes in these factors on the individual decision makers, how their choices are coordinated by markets, and how prices and demand are determined in individual markets. The main subjects covered under microeconomics include theory of demand, theory of the firm, and demand for labor and other factors of production.

Use microeconomics in a sentence

  • I had to hurry up, or I would be late for my microeconomics course and possibly be dropped from the class.

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  • If you want to try and emulate a successful business you can really break down their microeconomics to try and gain insight from what they did well.

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  • Breaking down another companies microeconomics can teach you a lot about how they run their business and what their goals are.

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