Microeconomics explains why people can never have enough of what they want and how that influences policies
- Written by Amitrajeet A. Batabyal, Arthur J. Gosnell Professor of Economics, Rochester Institute of Technology
Microeconomists study how individuals and companies balance their desires and needs with costs and available resources.invincible_bulldog/iStock via Getty ImagesEconomics is broadly divided into macroeconomics and microeconomics. The big picture, macroeconomics, concentrates on the behavior of a national or a regional economy as a whole: the...