Microeconomics Homework Help UK

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Microeconomics

The term Microeconomics is derived from the Greek work ‘mikros’ which means small. According to Prof. Building, microeconomics is the study of particular firms, particular households, individual price, wages, income, individual industries, and particular commodities. In microeconomics, we study the economic behaviour of an individual, firm or industry in the national economy. It is thus a study of a particular unit rather than all the units combined. It is basically concerned with the mechanism if allocation of given resources. Further, it is a partial equilibrium analysis as it seeks to determine price and output in an industry independent of those in other industries. It mainly studies the following concepts:

1. Product pricing

2. Consumer behaviour

3. Factor pricing

4. Economic conditions of a section of the people

5. Study of firms

6. Location of industry

Thus, you know how a producer fixes the prices of his products.

Learning objectives

· Know about economics

· Know about the nature of economics

· Understand the various methods of studying economics

· Understand the basic problems of an economy

· Understand how different economies solve their basic economic problems

· Get an insight into the tool of production possibilities curve

Definition and scope of economics

Several definitions of economics have been given by different writers. For the sake of convenience, it is classified into 4 groups:

· Science of wealth

· Science of material well-being

· Science of choice making

· Science of dynamic growth and development

Science of wealth

Adam Smith, the father of economics, published “The Nature and Causes of Wealth of Nations”. He defined Economics as: “An inquiry into the nature and causes of wealth of nations”.

Science of material well-being

According to A.C.Pigou, “The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money”.

Science of choice making

Prof. Lionel Robbins of the London School of economics gave a new definition to economics in his famous book “Nature and Significance of Economics” i.e., “Economics is the science which studies human behaviour as a relationship between ends n scarce means which have alternative uses”.

Science of dynamic growth and development

Prof Henry Smith defined Economics as “The study of how in a civilized society one obtains the share of what other people have produced and of how the total product of society changes and is determined”.

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