Themes of microeconomics, Microeconomics

Themes of Microeconomics

?? As per Mick Jagger & the Rolling Stones, “You can’t always get what you want”.

Why Not?

         ?? Restricted Resources

         ?? Infinite Wants

?? Allotment of limited Resources and Trade-offs

         ?? In a market economy

         ?? In a planned economy

?? Microeconomics and Optimal Trade-offs

         1. Consumer Theory

         2. Workers or labours

         3. Theory of the Firm

?? Microeconomics and Prices

          – The function of cost in a market economy

          – How prices are calculated

Microeconomics vs. Macroeconomics

Microeconomics is the basis of macroeconomic analysis.

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