microeconomic
Small-scale economic analysis
Microeconomic describes the branch of economics focused on individual units—households, firms, consumers, workers—rather than entire economies.
It examines how these actors make decisions about resources, prices, and production: microeconomic theory, microeconomic analysis of labor markets.
The adjective contrasts with macroeconomic, which concerns aggregate phenomena like inflation and national output.
State of balance
- priceMonetary value assigned
- quantityMeasurable amount present
- competitionStruggle for supremacy
- monopolyOne seller, no substitutes
oligopoly · duopoly · perfect · imperfect · exchange · trade · transaction · supply
Functional worth or purpose
- preferenceFavored choice among alternatives
- budgetPlan for spending
- constraintLimiting condition or rule
- indifferenceLack of interest
curve · rationality · satisfaction · maximization · demand · elasticity · income · effect
Solid or resolute
- productionMaking or generating something
- costsAmounts required to pay
- outputWhat something generates
- profitGain exceeding expenditure
revenue · supply · labor · capital · entrepreneur · manufacturing · marginal · cost
Process of choosing actions
- trade-offExchange requiring sacrifice
- scarcityInsufficiency of something needed
- allocationDistribution of shares
- opportunityFavorable circumstance for advancement
cost · preference · constraint · optimization · rationing · marginal · analysis · sunk
Theory of incremental value
- opportunityFavorable circumstance for advancement
- costRequired payment amount
- externalitiesUncompensated effects on others
- gameOrganized play or sport
theory · information · asymmetry · principal-agent · welfare · economics · efficiency · deadweight
equilibrium
State of balance
- priceMonetary value assigned
- quantityMeasurable amount present
- competitionStruggle for supremacy
monopoly · oligopoly · duopoly · perfect · imperfect · exchange · trade · transaction · supply · demand
utility
Functional worth or purpose
- preferenceFavored choice among alternatives
- budgetPlan for spending
- constraintLimiting condition or rule
indifference · curve · rationality · satisfaction · maximization · demand · elasticity · income · effect · substitution
firm
Solid or resolute
- productionMaking or generating something
- costsAmounts required to pay
- outputWhat something generates
profit · revenue · supply · labor · capital · entrepreneur · manufacturing · marginal · cost · economies
decision-making
Process of choosing actions
- trade-offExchange requiring sacrifice
- scarcityInsufficiency of something needed
- allocationDistribution of shares
opportunity · cost · preference · constraint · optimization · rationing · marginal · analysis · sunk · cost
marginalism
Theory of incremental value
- opportunityFavorable circumstance for advancement
- costRequired payment amount
- externalitiesUncompensated effects on others
game · theory · information · asymmetry · principal-agent · welfare · economics · efficiency · deadweight · loss
microeconomicmacroeconomic
Pertaining to whole economies
aggregate · systemic · macroscale · macro · societywide