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What (who) is microeconomics - definition
![[[United States Capitol Building]]: meeting place of the [[United States Congress]], where many tax laws are passed, which directly impact [[economic welfare]]. This is studied in the subject of [[public economics]].](https://commons.wikimedia.org/wiki/Special:FilePath/United States Capitol Building.jpg?width=200 "[[United States Capitol Building]]: meeting place of the [[United States Congress]], where many tax laws are passed, which directly impact [[economic welfare]]. This is studied in the subject of [[public economics]].")
![[[Ronald Coase]] analyzed transaction costs, externalities and is also remembered for the [[Coase conjecture]].](https://commons.wikimedia.org/wiki/Special:FilePath/Coase working 2000s.jpg?width=200 "[[Ronald Coase]] analyzed transaction costs, externalities and is also remembered for the [[Coase conjecture]].")
![stable equilibrium]].](https://commons.wikimedia.org/wiki/Special:FilePath/Cobweb theory (convergent).svg?width=200 "stable equilibrium]].")
![[[Cobweb model]] with [[unstable equilibrium]].](https://commons.wikimedia.org/wiki/Special:FilePath/Cobweb theory (divergent).svg?width=200 "[[Cobweb model]] with [[unstable equilibrium]].")
![envelope]] of short run average total costs (ARC) [[minimum]]s.](https://commons.wikimedia.org/wiki/Special:FilePath/Lrac.JPG?width=200 "envelope]] of short run average total costs (ARC) [[minimum]]s.")
Wikipedia
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics.
One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results.
While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deals with the effects of economic policies (such as changing taxation levels) on microeconomic behavior and thus on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theories has been built upon microfoundations—i.e. based upon basic assumptions about micro-level behavior.
