microeconomics

Meanings

• A branch of economics that studies the production and consumption of individual goods and services.

  - "Microeconomics examines how households and firms make decisions."
  - "The price of a good is determined by the interaction of supply and demand in microeconomics."

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Variants

List of all variants of microeconomics that leads to same result
microeconomic , microeconomics , microeconomist , microeconomists

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Etymology

origin and the way in which meanings have changed throughout history.

From the Greek words 'mikros' meaning small and 'oikonomia' meaning household management.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Microeconomics was first studied systematically in the late 18th century by Adam Smith in his book 'The Wealth of Nations'.

2. Microeconomics is often contrasted with macroeconomics, which studies the economy as a whole.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Macroeconomics: The study of the economy as a whole, including topics such as employment, inflation, and economic growth.

2. Supply and Demand: Two fundamental concepts in microeconomics that help determine the price and quantity of a good or service.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Microeconomics has been a subject of interest in various fields such as education, policy making, and business. It has been used extensively in economics textbooks and research.

How to Memorize "microeconomics"

1. visualize
   

   - Visualize a small-scale economy with households and firms making decisions.
   - Imagine a marketplace where buyers and sellers interact.

2. associate
   

   - Associate microeconomics with the study of individual markets.
   - Remember that it deals with the production and consumption of goods and services.

3. mnemonics
   

   - Use the mnemonic 'Makes People Produce Products' to remember the meaning of microeconomics.

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