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Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics.
In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded will equal the quantity supplied, resulting in an economic equilibrium for price and quantity transacted. It forms the theoretical basis of modern economics.
This aims to be a complete article list of economics topics:
In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics. For any other sort of good, as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods; for most goods, the income effect reinforces this decline in demand for the good. But a Giffen good is so strongly an inferior good in the minds of consumers that this contrary income effect more than offsets the substitution effect, and the net effect of the good's price rise is to increase demand for it. This phenomenon is known as the Giffen paradox. A Giffen good is considered to be the opposite of an ordinary good.
In economics, an inferior good is a good whose demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed. Normal goods are those goods for which the demand rises as consumer income rises.
A Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
Managerial economics is a branch of economics involving the application of economic methods in the managerial decision-making process. Economics is the study of the production, distribution and consumption of goods and services. Managerial economics involves the use of economic theories and principles to make decisions regarding the allocation of scarce resources.
In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Alfred Marshall worded this as: "When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price". The law of demand, however, only makes a qualitative statement in the sense that it describes the direction of change in the amount of quantity demanded but not the magnitude of change.
An ordinary good is a microeconomic concept used in consumer theory. It is defined as a good which creates an increase in quantity demanded when the price for the good drops or conversely a decrease in quantity demanded if the price for the good increases, ceteris paribus. It is the opposite of a Giffen good.
Stephen W. Salant is an economist who has done extensive research in applied microeconomics. His 1975 model of speculative attacks in the gold market was adapted by Paul Krugman and others to explain speculative attacks in foreign exchange markets. Hundreds of journal articles and books on financial speculative attacks followed.
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References
- ↑ Webpage of Robert Jensen on the website of the Wharton School; retrieved January 26th, 2018.
- 1 2 CV of Robert Jensen; retrieved January 26th, 2018.
- ↑ Jensen, R. (2007). The Digital Provide: Information (Technology), Market Performance, and Welfare in the South Indian Fisheries Sector. Quarterly Journal of Economics, 122(3), pp. 879-924.
- ↑ Jensen, R. (2010). The (Perceived) Returns to Education and the Demand for Schooling. Quarterly Journal of Economics, 125(2), pp. 515-548.
- ↑ Jensen, R., Oster, E. (2009). The Power of TV: Cable Television and Women's Status in India. Quarterly Journal of Economics, 124(3), pp. 1057-1094.
- ↑ Jensen, R.T., Miller, N.H. (2008). Giffen Behavior and Subsistence Consumption. American Economic Review, 98(4), pp. 1553-1577.
- ↑ Jensen, R.T., Miller, N.H. (2011). Do Consumer Price Subsidies Really Improve Nutrition? Review of Economics and Statistics, 93(4), pp. 1205-1223.
