Principles of Microeconomics

Description

Principles of Microeconomics focus on the behavior of individuals and firms in making decisions regarding the allocation of resources. It examines supply and demand, price determination, consumer behavior, production costs, and market structures such as perfect competition, monopolies, and oligopolies. Microeconomics also explores how government policies, taxes, and regulations impact markets. The study helps to understand how choices are made within limited resources, how prices are set, and how market outcomes can affect overall economic efficiency and welfare. It lays the foundation for understanding broader economic systems and decision-making processes.