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Microeconomics

The word “micro” means small, and microeconomics means economics in the small. The optimizing behavior of individual units such as households and firms provides the foundation for microeconomics.

Microeconomists may investigate individual markets or even the economy as a whole, but their analyses are derived from the aggregation of the behavior of individual units. Microeconomic theory is used extensively in many areas of applied economics. For example, it is used in industrial organisation, labor economics, international trade, cost-benefit analysis, and many other economic subfields. The tools and analyses of microeconomics provide a common ground, and even a language, for economists interested in a wide range of problems. At one time there was a sharp distinction in both methodology and subject matter between microeconomics and macroeconomics.

The methodological distinction became somewhat blurred during the 1970s as more and more macroeconomic analyses were built upon microeconomic foundations. Nonetheless, major distinctions remain between the two major branches of economics. For example, the microeconomist is interested in the determination in the general price level and its change over time.

Optimization plays a key role in microeconomics. The consumer is assumed to maximize profit or minimize utility or satisfaction subject to the constraints imposed by income or income earning power. The producer is assumed to maximize profit or minimize cost subject to the technological constraints under which the firm operates. Optimization of social welfare sometimes is the criterion for the determination of public policy.

Opportunity cost is an important concept in microeconomics. Many courses of action are valued in terms of what is sacrificed so that they might be undertaken. For example, the opportunity cost of a public project is the value of the additional goods that the private sector would have produced with the resources used for the public project.

Вариант №5

I. Спишите, подчеркните сказуемое. Определите видовременную форму и залог глагола. Переведите предложения на русский язык.

1. He was much spoken to.

2. Man proposes, God disposes.

3. He studies at our institute.

4. They lived in London for a long time, but now they live in Edinburgh.

5. When I saw him he was going home.

6. In five years he will work as a manager.

7. We shall be writing our tests at 10 o’clock.

8. He has decided to sign this contract.

9. I’m often asked at the seminars.

10. Is Mr. Brown working this week? –No, he is on holiday.