Microeconomics is a bottom's up approach to study the economy. Microeconomics studies the supply demand behaviors, consumer behavior and spending patterns, wage-price behavior, corporate policies, impact on companies due to regulations etc.
Top articles that we discuss here in Microeconomics basics are as follows -
What is Microeconomics
Differences between basics of Microeconomics and Macroeconomics
Difference between Economies of Scale and Economies of Scope
What is Diseconomies of Scale?
What is the Economic Profit?
Microeconomics is a ‘bottom-up’ approach. It is a study in economics which involves everyday in life. Here you will learn microeconomics basics.
Macroeconomics is a ‘top-down’ approach and is in a way, a helicopter view of the economy as a whole. Whereas Microeconomics is a ‘bottom-up’ approach. It is a study in economics which involves everyday in life.
Economies of scale happen when a company reaches a point in production where the cost of production no longer increases; rather it gets reduced. Whereas Economies of scope happen when a company produces varieties of products and due to producing varieties of products, the cost of production gets reduced.
Finance is also a science of managing funds subject to three main factors – time, the risk involved in the transaction and liquidity. Whereas economics is a social science that helps in management of goods and services subject to the production, consumption and other factors directly or indirectly affecting them.