The basic concept of microeconomics are : Production theory, Price theory and Incentives.
What is microeconomics?
Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Basic concept of micro are :
- Production theory: This is the study of production—or the process of converting inputs into outputs.
- Price theory: Utility and production theory interact to produce the theory of supply and demand, which determine prices in a competitive market.
- Incentives and behaviors. How people, as individuals or in firms, react to the situations with which they are confronted.
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