Definitions from the Web
Micro Economic
Definition: Microeconomics refers to the branch of economics that analyzes the behavior of individual economic agents, such as consumers, producers, and households, and their interactions in specific markets.
Senses and Usages:
- Noun: The study of microeconomics enables us to understand how individual consumers make decisions regarding the allocation of their limited resources.
- Adjective: The microeconomic factors affecting the pricing strategy of this company are supply and demand, production costs, and market competition.
Sample Sentences:
- She enrolled in a course on microeconomics to gain a better understanding of individual consumer behavior.
- The company's microeconomic analysis revealed that lowering the price of their product would increase demand.
- In microeconomics, the concept of elasticity measures the responsiveness of quantity demanded to changes in price.
- Studying microeconomics allows businesses to make informed decisions about production levels and pricing strategies.
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