A branch of economic science, microeconomics is concerned with the study of the primary economic entities: trade society, independent economy and actions, cooperatives, households and individuals, their legal status, organizational structure, functions, operations and management, market behavior, factors of efficiency and growth.
Microeconomics is divided into more specific and narrower disciplines and areas of research, including the theory of markets and prices, the theory of competition and monopoly, the theory of costs, the theory of consumption and consumer behavior, the theory of enterprise and business policy, the theory of entrepreneurship, management and decision-making, uncertainty and game theory, the theory of property rights, and many more. Common to all these disciplines is that they suggest economic operators to allocate limited resources available at competitive purposes in order to achieve maximum effect. Moreover, the research concerns the basic economic problems and ways of solving them in applying advanced theory of production and costs, and the theory economies of distribution.
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