Microeconomics

Microeconomics

The study of the individual pieces that together make an economy. Contrast with macroeconomics, the study of economy-wide phenomena such as growth, inflation and unemployment. Microeconomics considers issues such as how households reach decisions about consumption and saving, how firms set a price for their output, whether privatisation improves efficiency, whether a particular market has enough competition in it and how the market for labour works.

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Part of Speech: noun
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Industry/Domain: Economy
Category: Economics
Company: The Economist
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