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Definition and Elements of Microeconomics

Referencing Styles : Harvard | Pages : 1

The domain of studies that include behavior of firms and individuals in general for making decision in accordance with allocation of resources with the subsequent interactions is termed as microeconomics ( in Greek micro is “small” plus economics). There are certain aspects to microeconomics like analysis of mechanisms in the market to allocate relative pricing for goods and services among alternative usage of resources. The free market, based on microeconomics has a condition, which states that a free market directly results in free allocation whereas a market failure occurs when the market fails to produce desirable and efficient outcomes.

Microeconomics helps to deal with issues like unemployment, inflation and growth, and also includes economic policies effect on the behavior of microeconomics with certain other parallels of economy. The study of microeconomics initiates with utility maximization of a single rational on an individual. The concept of rationality based on economics is specific individuals possessing stable preferences, which are both transitive and complete. There are certain technical assumptions, which prefer the existence of an utility function in relation with preference relation. The microeconomics theory is possible without assumption of utility function but comparative statistics is not possible, because there is no guaranteeing whether the utility function is differentiable.

The theory of microeconomics gradually progresses with defining competitive budget set, that is a subset of consumption set. This is the point where economists assume based on technical constraints where preferences are locally non-satiated. There is no guarantee that there would be rational rise for individual utility. Necessary assumptions and tools help in solving the utility maximization problem, which is the basis of consumer theory.

Elements of Microeconomics

  • The Law of Demand: Demand is the quantity or amount of products and goods, which a consumer is willing to pay at different probable prices. The most important condition for this is the consumer should not only have the desire to buy a product but have the monetary backup to pay for the bought goods.
  • Changes in Demand: The consumer base desires and demands change at an unprecedented rate in due course of time. There are various factors like increase in demand of a certain product based on which the demand curve shifts and market size for the product is responsible for the outcome of the product life cycle.
  • Elasticity in Demand: The occurrence of elasticity in demand is based on minute changes in the price of a product can cause a rise in the quantity offered for the consumer to stay satisfied. The elasticity of demand changes based on the liking of consumers for a specific product.
  • Supply: Law of microeconomics states that keeping all other factors constant, the quantity of services and goods, which is offered by a supplier increases and vice-versa. The higher price of a product generally means larger quantity of product, though it is not same always.
  • Market Structures: The organization which deals with the various characteristics and behavioral pattern to analyze outcomes of different markets which can be done by perfect competition, oligopoly, natural monopoly and other outcomes.

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