An Introduction On Microeconomics

Economics is a branch of social science which studies the scarcity of the available resources and the resultant allocation of the same. Economics can be subdivided into a number of areas. Among all such areas, Microeconomics constitutes one of the most basic area. It creates the necessary building blocks for advanced applications in other areas of Economics.

Microeconomics is the study of choice among different varieties at the individual level. An example in this context might be helpful. Let us consider, an individual who is a consumer and when she goes for grocery shopping, she is only concerned about her own preference and her willingness and ability to purchase different items from a large set of options. Here, the consumer does not take into consideration what others or the society as a whole is demanding. She is & focused on her own preference and is acting accordingly.

So the example given above very succinctly shows that what is the at the base of Microeconomics. There are a lot of interesting aspects which I will elaborate in the actual lessons.

Happy Learning!