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microeconomics |
Also found in: Medical, Financial, Wikipedia, Hutchinson | 0.06 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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Beyond the historical debate, this new approach shows that the labour value theory can still be a modern alternative approach to the price theory and that it is logically consistent with a static general equilibrium framework even though this view is rejected by the Temporal Single System approach. s encomium of the Frankfurt Fair and Jean Bodin's "realist" response to Malestroit's "nominalist" price theory shed light on the theme of waste and its corrupting effect. The really basic rules, inherent in the invisible hand metaphor of price theory, are alive and well. |
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