Microeconomics is a branch of economics that mainly detects the behavior of the firms making relevant allocation of scarce resources. The difference in micro and macro economies was discussed in 1933 by Norwegian economist Ragnar Frisch, who highlighted the alterations in general economics. Moreover, micro economics also helps in analyzing the market mechanisms, which help in establishing relative process among goods and services. Microeconomics is also used for analyzing market failure, where relevant market fails to produce the overall efficient results. Furthermore, the micro economics directly involves activities that deal with issues of inflation, national policies, unemployment, and growth.
In addition, the microeconomics also deals with the effects of economic polices such as changing taxation levels on the aspects of the economy. The study of microeconomic concept mainly comprises of key areas, which are demand, supply, equilibrium, measurement of elasticities, consumer demand theory, theory of production, cost of production, opportunity cost, market structure, perfect competition, imperfect competition, game theory, labor economics, welfare economics and economic of information.
Therefore, microeconomics is used for shaping the economic conditions of a country and determine the measures that might have direct impact on the material polices. There is specific applied microeconomics, which deals with industrial organizations, labor economics, financial economics, public economics, political economics, health economics, educational economics, and urban economics. The nature of microeconomics theory directly helps in analyzing the single rational and utility maximizing individuals. Thus, with the microeconomics conditions free market can be analyzed for detecting the desirable allocation of resources.
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