Author: Irvin B.Tucker
Irvin B. Tucker has over 20 years of experience teaching introductory economics at the University of North Carolina at Charlotte. He earned his B.S. in Economics at N. C. State University and his M.A. Ph.D. in Economics from the University of South Carolina. Dr. Tucker is a longtime member of the National Council on Economic Education.
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Microeconomics (from Greek prefix mikro- meaning “small”) is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.
Typically, it applies to markets where goods or services bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.