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microeconomics |
Also found in: Medical, Financial, Wikipedia, Hutchinson | 0.03 sec. |
microeconomicsStudy of the economic behaviour of individual consumers, firms, and industries and the distribution of total production and income among them. It considers individuals both as suppliers of land, labour, and capital and as the ultimate consumers of the final product, and it examines firms both as suppliers of products and as consumers of labour and capital. Microeconomics seeks to analyze the market or other mechanisms that establish relative prices among goods and services and allocate society's resources among their many possible uses. See also macroeconomics. microeconomics the branch of economics concerned with particular commodities, firms, or individuals and the economic relationships between them www.helsinki.fi/WebEc/webecd.html How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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If an imbalance in information exists between the buyers and sellers in a situation like this, microeconomic theory predicts a market failure, and the way to prevent this failure is to correct the imbalance of information. The author notes with amusement how few microeconomists are actually hired by businesses, which he suggests is partly because simplistic microeconomic theory does not capture the evolutionary path-dependent nature of a business enterprise. Starting 25 years ago, with generous funding from conservative foundations, the law and economics movement successfully introduced microeconomic theory and the logic of markets to legal scholarship and education. |
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