Microeconomics
The behavior of individual markets, consumers, and firms.
Articles (4)
- Opportunity Cost
The value of the best alternative forgone when making a choice — the fundamental concept of economic scarcity. - Externalities and Market Failure
When production or consumption affects third parties outside the market, prices no longer reflect true social costs or benefits. - Supply and Demand
The model economists use to explain how prices and quantities are determined in competitive markets. - Price Elasticity of Demand
How strongly quantity demanded responds to price, and why it decides who bears a tax and whether price cuts raise revenue.