Glossaria.net

Glossary Political Economy / Term

Microeconomics

(microeconomic) The subdivision of the discipline of economics that studies the behavior of individual households and firms interacting through markets, how prices and levels of output of individual products are determined in these markets, the interconnections by which different markets affect each other, and how the price mechanism allocates resources and distributes income.

[See also: macroeconomics, economics, political economy]

Permanent link Microeconomics - Creation date 2020-06-14


< Merit good Glossary / Political Economy Monarchy >