Microeconomics

Microeconomics is the study of the economic behaviour of individual consumers, firms, and industries and the distribution of production and income among them. It considers individuals both as suppliers of labour and capital and as the ultimate consumers of the final product. On the other hand, it analyses firms both as suppliers of products and as consumers of labour and capital.

Microeconomics seeks to analyse the market form or other types of mechanisms that establish relative prices amongst goods and services and/or allocates society's resources amongst their many alternative uses.

Fundamental concepts in microeconomics
Scarcity - Opportunity cost - Supply and demand - Elasticity - Consumer and producer surplus - Aggregation of individual demand to total, or market, demand

Consumer theory
Consumer Theory - Preference - Indifference curve - Utility - Marginal utility - Income

Production and pricing theory
Production, costs, and pricing - Production theory basics - X-efficiency - Factors of production - production possibility frontier - Production function - Economies of scale - Economies of scope - Profit maximization - Price discrimination - Transfer pricing - joint product pricing - price points

Industrial organization
Market form - Perfect competition - Monopoly - Monopolistic competition - Oligopoly - Concentration ratio - Herfindahl index

Welfare economics
Welfare economics - Pareto efficiency - Kaldor-Hicks efficiency - Edgeworth box - Social welfare function - Income inequality metrics - Lorenz curve - Gini coefficient - Poverty level - Dead weight loss

Market failure
Market failure - Collective action - Information asymmetry - Externality - Social cost - Free goods - Taxes - Tragedy of the commons - Tragedy of the anticommons - Coase's Penguin

Financial economics
Efficient markets theory - Financial economics - Finance - Risk

International trade
International trade - Terms of trade - Tariff - List of international trade topics

Methodology
General equilibrium - Game theory - Institutional economics - neoclassical economics - Austrian economics

See also

• Macroeconomics
• Economics
• Managerial economics
• Important publications in microeconomics

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