Definition of Microeconomics

Prof. Ragnar Frisch of Oslo University has coined the term Micro Economics during 1920’s. He categorizes the subject matter economics in to two categories: Microeconomics and Macroeconomics. Microeconomics is the combination of two words: micro + economics, where micro is derived from Greek word ‘Mickros’, which means ‘small’.

Literally the word Micro means a millionth part. Microeconomics deals with the individual agents, i.e. households and businesses. In this way Microeconomics deals with a very small part of the overall economy. For example, when we study the cost of a particular good instead of studying the general cost level in the economy, we actual are studying Microeconomics.


Opportunity Cost	The Law of Demand	The Law of Supply	The Price Elasticity of Demand
Elasticity of Supply	Demand Curve	Definition of Microeconomics

I just want you to know how great Brinda has been in tutoring me on probability. She is patient and very knowledgeable in all concepts. I look forward to many more sessions with her. I appreciate her help and the great work that Tutor Pace is doing.

- -
- 9th Grade, from Barbara

Thank you for your excellent tutoring services. It has surely made a lot of difference in our child's academic performance.

- -
- 9th Grader, from Venkat (father of Sai)

I have enjoyed my session with Aparna and it was helpful. I will hope to see her as my Math tutor in future sessions as well.

- -
- 10th Grade, from Senia Revayo

Your tutor has been such an inspiration to me as I have difficulty getting some of the physics concepts down and truly understanding them. She takes the time to fully explain each and every aspect of any problem I might ask for help and always with encouragement and humor.

- -
- 9th Grader, from Kansas

Online Tutoring Is The Easiest, Most Cost-Effective Way For Students To Get The Help They Need Whenever They Need It.

SIGN UP FOR A FREE TRIAL

HAVE A QUESTION? Chat With Our Tutoring Experts Now