An introduction to microeconomics

Abstract

The prefix Micro in microeconomics comes from the Greek Word mikros, meaning small. It contrasts with macroeconomics, the other branch economic theory. Macroeconomics deals primarily with aggregates, such as the total amount of godos and services produced by society and the absolute level of prices, while Microeconomics analyzes the behavior of “small” units: consumers, workers, savers, business managers, firms, individual industries and markets, and so on.