What are the different types of microeconomic topics?

There are numerous microeconomics topics that economists use to better explain interactions of businesses and individuals. The most common microeconomic terms are supply and demand, elasticity, opportunity cost, market equilibrium, forms of competition, profit maximization, and cost-of-production.

What is microeconomics in economics?

Microeconomics is a branch of economics that analyzes the market behavior of individuals and businesses to understand their decision-making processes.

What is an example of microeconomics?

Microeconomics is the study of individual and business economic activity. Two examples are: an individual creating a budget to put themselves in a better financial position; and a business cutting costs in order to maximize profit. What topics are covered in microeconomics?