NOTE
What Is Microeconomics?
English translation of the original VNote “What Is Microeconomics?”, preserving its structure and content.
This is a historical learning note and may contain outdated or incomplete understanding.
1. Object of Study in Microeconomics
- Price is at the core
- Price is a measure of resource scarcity
- The object of study is an individual economic unit
- Consumers (residents, households)
- Producers (firms, enterprises)
- It studies the economic behavior of individual units
- Consumers: purchasing behavior aimed at maximizing satisfaction
- Producers: production behavior aimed at maximizing profit
- Ultimately, these points mean that microeconomics studies resource-allocation problems
- What to produce
- How much to produce
- For whom to produce
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