Synopsis A study of Microeconomics, as the name implies is like putting the economy under a microscope. Instead of looking at issues of national scope as in Macroeconomics, microeconomics delves into decisions made by individual firms and looks at the impact of various degrees of competition on these decisions. In Macroeconomics economists study inflation in general. In Microeconomics efforts are made to determine how and why prices are set in various markets. As with any principles course, major efforts are given to learning terms and definitions that are part of the professional jargon.
Every field of study has it's own specialized vocabulary and economics is certainly no exception.
Students must be careful to re- learn the definition of certain common words that have esoteric meaning often not found in the dictionary. The principles of supply and demand, with an emphasis on their impact on market prices, is a major portion of Microeconomics. One way to practice supply and demand concepts is to study the stock market. This will give the student a practical knowledge of financial transactions as well as further strengthening their understanding of economic principles. The course will also include a section devoted to Labor Union activities and their impact on markets and prices.