What are the different types of microeconomic topics?

There are numerous microeconomics topics that economists use to better explain interactions of businesses and individuals. The most common microeconomic terms are supply and demand, elasticity, opportunity cost, market equilibrium, forms of competition, profit maximization, and cost-of-production.

What is an example of microeconomics?

Microeconomics is the study of individual and business economic activity. Two examples are: an individual creating a budget to put themselves in a better financial position; and a business cutting costs in order to maximize profit. What topics are covered in microeconomics?

What is Microeconomics based on?

Microeconomics focuses on the role consumers and businesses play in the economy. Individuals choose goods or services based on their utility or the level of a consumer's satisfaction. Utility, competition, and opportunity costs affect a consumer's demand for goods and services. What Is Microeconomics?