What are the goals of microeconomics 1
Microeconomics, micro theory. 1. Term: Microeconomics analyzes the decision-making problems and coordination processes that are necessary due to the division of labor in the production process. It basically relies on the Individualities of the economic process, namely the economic subjects (households, companies, state) on the one hand and the individual goods on the other.
2. To distinguish: a) Partial analysis: It is examined how the individual economic subject (household or company) fits into the exchange process mediated by markets (household theory and theory of the company) or how such economic subjects interact on a single product market. The partial analysis necessarily makes use of the ceteris paribus assumption.
b) Total analysis: The simultaneous interaction of all economic subjects involved in the economic process is considered.
In both partial and total analysis, the role of prices and the price system is at the center of considerations (price theory).
The division of labor within companies and households and the consequences of this internal coordination for market processes are also increasingly being analyzed so that a Theory of Institutions originated.
Methodologically, microeconomics can be used as a Equilibrium- or as Market process theory (Competition theory) as well as positive or as normative Theory. The latter happens in welfare economics.
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