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Economics vocabulary · Core Concepts

Microeconomics

Meaning in economics, with examples

/ˌmaɪkrəʊˌiːkəˈnɒmɪks/nounCore term

In economics, microeconomics means: The branch of economics that studies how individual households and firms make choices, and how prices are set in particular markets.

In Turkish: mikroekonomi, mikro iktisat

How it is used

A first-year university course and a standard textbook title. Topics include consumer choice, costs, market structures and elasticity. It takes a singular verb despite the final s: microeconomics is... The adjective is microeconomic.

Example sentences

  1. In microeconomics we look at how a single firm decides how much to produce.

  2. Our microeconomics exam covers consumer choice and market structures.

Common collocations

  • intermediate microeconomics
  • a microeconomics course
  • microeconomic theory
  • microeconomic analysis
  • macroeconomicsThe branch of economics that studies the economy as a whole, including total output, inflation, unemployment, interest rates and government policy.
  • supplyThe amount of a good or service that producers are willing and able to sell at each possible price during a given period.
  • demandThe amount of a good or service that buyers are willing and able to purchase at each possible price during a given period.
  • elasticityA measure of how strongly the quantity demanded or supplied responds to a change in price, income or another factor.

More terms: Core Concepts

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