Introduction to Microeconomics

The term Economics originated from the Greek word 'oikonomos,' meaning household management. It is the study of how individuals, businesses, and …

Economics can be subdivided into microeconomics and macroeconomics. The term micro means small. So, microeconomics studies the behavior of individual …

Microeconomics helps markets, firms, and individuals optimize their outcomes by efficiently allocating scarce resources, whether it's time, money, or …

In a world of limited resources, every decision involves trade-offs. It is a situation where one gives up one thing to gain another. For consumers, …

Opportunity cost represents the benefit a person or business foregoes by choosing one alternative over another. It quantifies the cost of not selecting …

A market is a complex network where buyers and sellers come together to exchange goods, services, or assets. It plays a key role in how our economy …

The production possibilities frontier is a graphical representation of all the possible output combinations of two goods an economy can produce. This …

When the production possibilities frontier rotates, the economy can increase or decrease the production of one good without sacrificing the output of …

A rotation in the production possibilities frontier represents a change in the efficiency of resources, enabling increased production of one good without …

Economics has two fundamental branches. They are positive and normative economics. Positive economics is about objective statements that can be tested and …