{"id":1165,"date":"2021-04-27T21:11:53","date_gmt":"2021-04-27T21:11:53","guid":{"rendered":"https:\/\/enorcerna.com\/wiki\/what-is\/microeconomics\/"},"modified":"2021-04-27T21:11:53","modified_gmt":"2021-04-27T21:11:53","slug":"microeconomics","status":"publish","type":"post","link":"https:\/\/enorcerna.com\/wiki\/what-is\/microeconomics\/","title":{"rendered":"Microeconomics"},"content":{"rendered":"
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What is microeconomics?<\/h2>\n

Microeconomics is a part of the economy that is in charge of studying the behavior and interaction of economic agents (families and companies) in the markets. <\/strong><\/p>\n

Unlike macroeconomics, does not emphasize great aspects<\/strong> like inflation, interest or economic policies; Rather, it studies goods, prices, markets, and economic agents.<\/p>\n

Objectives of microeconomics<\/h2>\n

The objectives pursued by microeconomics are the following:<\/p>\n

    \n
  • Know the behavior and the relationship <\/strong>between consumers, businesses and organizations.<\/li>\n
  • Study the effect of price changes<\/strong> in bidders and demanders.<\/li>\n
  • Understand and identify the processes<\/strong> that take place in a market related to the economy.<\/li>\n
  • Analyze the markets <\/strong>existing in an economy.<\/li>\n<\/ul>\n

    Characteristics of microeconomics<\/h2>\n

    The main characteristics of microeconomics are the following:<\/p>\n

      \n
    • Study the behavior and relationship<\/strong> between different companies and their consumers.<\/li>\n
    • Along with macroeconomics, makes up the study of economics.<\/strong><\/li>\n
    • It is based on the law of supply and demand.<\/li>\n
    • Its foundations go back to the neoclassical and marginalist school of the 19th century.<\/li>\n<\/ul>\n

      Elements of microeconomics<\/h2>\n

      The elements that make up microeconomics are the following:<\/p>\n

        \n
      1. Market goods and services, objects on which the economy is based.<\/li>\n
      2. Prices<\/strong> established on the products of a market.<\/li>\n
      3. Markets, <\/strong>those places where two or more people are willing to exchange goods and services.<\/li>\n
      4. Economic agents, families, companies and their relationship with the State.<\/li>\n<\/ol>\n

        Examples of microeconomics<\/h2>\n

        Here are two examples to better understand microeconomics:<\/p>\n

          \n
        1. Faced with a situation in which a store must increase the prices of its products, its microeconomic study determine how this price increase will affect your sales<\/strong>.<\/li>\n
        2. Some of the studies carried out by microeconomics<\/strong> is that of the marginal utility of the products. This establishes the value that a person gives a good, as he acquires more units of it.<\/li>\n<\/ol>\n

          Importance of microeconomics<\/h2>\n

          The importance of microeconomics is that allows to study the way to use resources rationally<\/strong>, including the factors of production, labor, land and capital, to be able to make better decisions and obtain the best possible results.<\/p>\n<\/div>\n\n\n

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          What is microeconomics? Microeconomics is a part of the economy that is…<\/p>\n","protected":false},"author":1,"featured_media":1166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-is"],"_links":{"self":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/posts\/1165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/comments?post=1165"}],"version-history":[{"count":0,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/posts\/1165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/media\/1166"}],"wp:attachment":[{"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/media?parent=1165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/categories?post=1165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enorcerna.com\/wiki\/wp-json\/wp\/v2\/tags?post=1165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}