The word “Micro” as everyone knows, means “small”. Therefore, microeconomics studies small parts of an economy like individuals, firms and households. First we analyze how firms minimize their costs to maximize their profit and how do they behave with production and pricing in different markets (Perfectly Competitive, Monopoly, Oligopoly & Monopolistic competition). Then we go on studying market for the factors of production where firms buy inputs to produce goods and services. The consumer choice theory about how households as a consumer behave when buying goods and services is the last part of this course. In short, microeconomics studies what lies behind market forces of “supply & demand” in details.
- Teacher: Kiyalbek Akmoldoev