microeconomics
(noun)
the study small-scale financial activities such as that of the individual or company
Examples of microeconomics in the following topics:
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Entrepreneurship and the Economy
- Entrepreneurship is a factor in microeconomics, and its study reaches back to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries.
- Despite Schumpeter's early 20th-century contributions, traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks (instead assuming that resources would find each other through a price system).
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Profit and Value
- In neoclassical microeconomic theory, the term profit has two related but distinct meanings.