Understand What is Meant by Microeconomics - Economics Assignment Help

Assignment Task

Aims of this module:

• Understand what is meant by microeconomics
• Understand the economic problem of scarcity
• Understand the interdependence of major sectors in the economy
• Analyse how market forces of demand and supply determine equilibrium
• Understand the concept of price and income elasticity
• Understand the theory of production and costs
• Understand the different market structures
• Compare the salient features of each market structure
• Understand the equilibrium position of each market structure

LEARNING OUTCOMES OF THE MODULE

• Understand what is meant by microeconomics
• Understand and illustrate the economic problem of scarcity and its implications
• Understand the interdependence of major sectors in the economy
• Analyse how market forces of demand and supply determine equilibrium

ASSOCIATED ASSESSMENT CRITERIA IN THE MODULE

• Economic problem of scarcity and its implications is clarified to set business protection measures in place
• Microeconomics is formulated to illustrate the study of individuals, households and firms' behaviour in decision making and allocation of resources
• Interdependence of major sectors in the economy is explained to facilitate production, income and spending
• Market forces of demand and supply are analysed to determine equilibrium

Introduction
Economics is a social science that studies human behaviour as a relationship between ends and scarce means which have alternative uses. Consequently, economics examines the problems that arise when individuals and firms have consumption desires that are constrained by access to resources. This problem is often referred to as
infinite wants and finite resources.

Macroeconomics versus Microeconomics
Microeconomics, on the one hand, focuses on the individual participants in the economy: producers, workers employers and consumers. Microeconomic policies focus on specific markets. Macroeconomics on the other hand is concerned with the economy as a whole. It focuses on aspects such as the stability of the general price level (commonly known as inflation), the maintenance of full employment, economic growth, the distribution of income, government spending, and the nation’s money supply.

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