What is microeconomics?
While macroeconomics analyzes the performance of the economy as a whole, microeconomics studies the economy from a perspective ” from the bottom up .”
One of the most important figures in the study of microeconomics is Alfred Marshall, a prominent 19th century economist.
The area of microeconomics continues to be a subject of enormous importance in the study of economics. Economists who specialize in this area analyze topics as diverse as:
- Influences on the supply and demand.
- Fluctuations in employment levels.
- The efficiency of production and manufacturing.
However, that does not mean that there are not other areas within the field of economics that are gaining importance. In particular, another school of thought, known as behavioral economics, which includes behavioral finance, is gaining more prominence as it sets out to challenge traditional economic schools of thought.
In particular, behavioral economics argues that man does not inherently make economically rational decisions. This contradicts the views of classical and neoclassical economists, who tend to create economic models on the basis that human beings make rational decisions.
Issues such as microeconomics and macroeconomics will remain very relevant in economics courses in the coming years, so it is imperative that any economics student is comfortable with microeconomics .
If you are currently studying economics, but it is difficult for you to learn some macroeconomic or microeconomic topics and theories, you can hire a private economics professor to help you improve in the subjects in which you need extra help or more explanation.
Private economics tutors can provide additional questions and examples to complement your class work and give you the motivation you need to improve your academic performance. As we have said, Superprof has a wide variety of private economics tutors who will be happy to answer any questions you have on macroeconomic or microeconomic topics, whether they are related to taxes, monetary policy or laissez-faire economics . What is microeconomics?
