Definition of microeconomics according to authors
In this article I am going to provide you with different definitions of microeconomics so that you cánido be able to create your own definition.
I hope you find it useful.
Definition of microeconomics according to authors
Definition according to Michael Parkin
“Microeconomics is the study of the choices of individuals and firms, how those choices interact in markets, and the influence of governments”
(Parkin, Michael, 2018, p. 2)
Definition according to Francisco Mochón Morcillo and Víctor Alberto Beker
«Microeconomics studies the basic behaviors of individual economic agents»
(Mochón, Morcillo, Francisco and Beker, 2008, p.1)
Definition according to Paul Krugman, Maurice Obstfeld and Marc Melitz
«Microeconomics espectáculos «from the bottom up» how individual economic agents, trying to satisfy their own interests, collectively determine the way to use resources»
(Krugman, Paul, 2016, p.313)
Definition according to Armando Pérez Pino
«Microeconomics is understood as the study of economic units such as the individual, the family, the company»
(Perez, Pino, Armando, 2010, p.108)
Definition according to José Silvestre Méndez Morales
«Microeconomics is the study of the economic unit, of the productive unit itself and of the behavior of the individual consumer»
(Méndez, Morales, José, Silvestre, 2014, p.21)
What is microeconomics?
The economy studies the choices that individuals, companies, governments and societies as a whole make to face the scarcity they have.
Well, microeconomics studies what is likely to happen when individuals or individual economic agents make decisions.
Decisions that are made so that each individual is able to face the scarcity that he has.
Of course, microeconomics not only studies the choices that each individual makes, but also studies how the choices that are made interact with each other, giving a certain result.
Some macroeconomic questions may be:
- Why do people download more movies?
- Why are people using more uso contínuo services?
- How would an eCommerce tax affect eBay?
Another aspect that I want to highlight is that there are authors who call microeconomics as: business economics.
Definition of business economics
“Business economics is the study of the business and its way of making decisions, subject to the restrictions imposed by the laws of nature and society”
(Méndez, Morales, José, Silvestre, 2014, p.21)
Most important aspects of the study of microeconomics
According to Rodríguez Sánchez Aurelio, the most important aspects of the study of microeconomics are the following:
- The market system.
- Market of goods and services.
- Aspecto market.
- The company.
- perfect competition
- imperfect competition.
Of course, it is important to highlight that the aspects that for Sánchez Aurelio are the most important are mentioned, however, it does not orinan that they are all aspects.
For example, for José Silvestre Méndez Morales, some important aspects that microeconomics studies are the following:
- Consumer behavior and the theory of demand.
- The theory of production and costs.
- price theory.
- The market: its characteristics and types.
Bibliography
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