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Why microeconomics is called as 'theory …

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Why microeconomics is called as 'theory of price '?

Posted by Omprakash Saini 7 years, 8 months ago

CBSE > Class 12 > Economics

2 answers

Yami Wadhwa 7 years, 8 months ago

Most people’s understanding of prices come from their personal experiences with purchasing goods and services, so most people think of “prices” as the amount of money you pay when you want to buy something. From an economist’s point of view, however, prices merely express the relative value of things, and in this sense, prices determine how people will exchange resources. Because microeconomics is fundamentally concerned with how markets perform in the allocation of resources through voluntary exchange, it has gone by the name of price theory.

Shweta Singh 7 years, 8 months ago

As it determine the price of a community.

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