Microeconomic System

A Microeconomic System is an economy that is composed of multiple interdependent economic markets.

• AKA: Microeconomy.
• Context:
  • It can be empirically characterized by a Microeconomic Measure.
  • It can be theoretically characterized by a Microeconomic Theory.
  • …
• Counter-Example(s):
  • a Macroeconomic System.
• See: Output (Economics), Consumption (Economics), Economic Agent, Scarcity.

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References

2014

• (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/Microeconomics Retrieved:2014-6-9.
  • Microeconomics (from Greek prefix mikro- meaning "small" and economics) is a branch of economics that studies the behavior of individuals and small impacting players in making decisions on the allocation of limited resources (see scarcity). Typically, it applies to markets where goods or services are 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. ...

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