Introductory Microeconomics |Generic elective GE| Delhi University| ECO H |B.com H| Online classes

#ECONOMICFORUPSC #Vishnueconomicsschool #NTANETECONOMICS Download my app Vishnu ECONOMICS SCHOOL from play store or link is given below https://play.google.com/store/apps/de... TELEGRAM ;- https://t.me/Vishnueconomicsschool WHATSAPP https://chat.whatsapp.com/Dd4096hYSAL... APP https://play.google.com/store/apps/de... WEBSITE www.vishnueconomicsschool.in We cover 1. UPSC MAIN ECONOMICS OPTIONAL 2. NTA - NET ECONOMICS 3. INDIAN ECONOMIC SERVICES 4. RBI EXAM 5 NABARD EXAM 6. DSSSB PGT ECONOMICS 7 KVS/ NVS PGT ECONOMICS 8.PGT ECONOMICS FOR OTHER STATE 9 LECTURER UPHESB 10 IGNOU MA ECONOMICS 11 Delhi UNIVERSITY B.A, B.COM, ECO H, GE, ECO H 12 MDU UNIVERSITIES 13 MA ECO, M.COM, ECO H, BBE, BBA, MBA, 14 . CBES BORAD FOR 11 AND 12 15 NIOS FOR CLASS 12 16. ICSE CLASS 12 17 XI , XII FOR DIFFERENT STATE BOARD Microeconomics is a social science; it is the study of individual, isolated units of an economy – those individual pieces, when put together, make up the whole economy. Each person, household, company or industry is a unit of the economy. It is the part of economics that is concerned with single factors and the effects of individual decisions. Microeconomics is mainly focused on the factors that influence individual economic choices, the effect of changes that occur in these factors on each decision-maker, and how demand and prices are determined in individual markets. Microeconomics contrasts with macroeconomics, which is the study of phenomena that span the whole economy, such as unemployment, GDP (gross domestic product) growth or decline, and inflation. Economics is a social science that covers a vast field, which can be broken down into scores of different divisions. Its two principal branches are microeconomics and macroeconomics. One of microeconomics’ goals is to analyze the market mechanisms that determine the relative prices of products and services, and allocated limited resources among alternative potential uses. It shows conditions under which free markets eventually lead to desirable allocations. Put simply, is the the study of how humans make decisions because we are aware that our money and time to purchase things and do everything are limited. Microeconomics also analyzes how and why markets fail to produce effective and efficient results – market failure. According to the Financial Times’ dictionary of business terms, microeconomics by definition is: “The study of trends that pertain to the different elements (companies, industries, consumers, etc.) that make up the economy.” A microeconomist studies economic tendencies – what will probably occur when individuals make certain choices or when there are changes in the factors of production. Factors of production include labor, land, capital and entrepreneurship. Individual units of the economy are commonly broken down into microeconomic subgroups, including business owners, sellers and buyers. Microeconomics does not attempt to explain what should happen in an economy, but rather it tells us what we should expect if certain conditions change. If a smartphone maker raises its prices, according to microeconomic theory consumers will buy fewer of its mobile phones. If the whole of the Saudi oil industry went on strike for a month, the price of oil would go up steeply due to a significant decline in the global supply. If you are an investor, microeconomics might help you see why American Airlines’ share price could fall if ticket sales decline. It could also explain why an increase in the minimum wage could force low-paying fast food restaurants to either take on fewer workers or even make some of them redundant. However, questions regarding the whole of the economy, such as aggregate demand, GDP forecasts, or predictions on the inflation rate are within the spectrum of macroeconomics. Macroeconomics might tell us what may happen to Germany’s GDP in 2025. Charlie Munger - Microeconomics quote Charlie Munger is an American entrepreneur, investor, lawyer and philanthropist. He is Vice-Chairman of Berkshire Hathaway, a Director of Costco Wholesale Corporation, and Chairman of the Daily Journal Corporation. According to Forbes Magazine, he has a net worth of $1.42 billion. (Image: twitter.com/mungerisms) Microeconomics covers these topics Microeconomics covers a wide range of topics. Below are some of the most common ones. – Supply and Demand: the most fundamental tools of economic analysis. In winter I need more gas to heat my home, and so do all my neighbors. As a result, overall demand for gas is higher, which means that gas companies charge more for the fuel during winter. A drop in the supply of gas – perhaps because of a war or natural disaster in a key gas-producing region of the world – will make prices rise. – Elasticity: is used to help economists determine how much people want something – consumer demand – after the price of a product or service changes.