Why Microeconomics? We will discuss the following topics: The Themes of Microeconomics What Is a Market? 14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. In simple terms, microeconomics help in understanding why and how different goods have different values, how individuals make certain decisions, and how they cooperate with each other. Microeconomics / Micro Economic Analysis The word ‘ MICRO ‘ is derived from the Greek word ‘ MIKROS ‘, which means “Small”. The meaning of micro is millionth part of a thing. Generally, it means the smallest unit of anything Microeconomics studies the economic actions and behaviour of individual units and small groups of individual units. It is the study of small components of the economy. It establishes the relationship between facts and results, which are called economic laws ...
