Basic Introduction to Microeconomics and It’s Application
Dr. MounicaVallabhaneni
Abstract
Microeconomics is a subfield of economics that examines how markets, businesses, and consumers act individually. The main ideas and principles of microeconomics are summarized in this chapter, including supply and demand, market equilibrium, and the influence of the government on market results. Microeconomics' primary focus is on the allocation of scarce resources by people and businesses. The microeconomic analysis is based on the basic idea of supply and demand. The quantity of an item or service that producers are willing to sell at a particular price is known as supply, but the quantity that customers are willing to purchase at that same price is known as demand.
