No very sharp boundary can be drawn between microeconomics and the other main area of the subject - macroeconomics - but its broad distinguishing feature is to focus on the choices facing, and the reasoning of, individual economic decision-makers. It is a long-standing requirement of microeconomics that it can justify the behaviour it ascribes to individuals as being logical, given their preferences or objectives.
It covers both the behaviour of individual sectors and the way the sectors interact in equilibrium and disequilibrium in individual markets. The main areas of microeconomics are demand theory (demand, the theory of); the theory of the firm (firm, the theory of the); the demand for labour (labour, demand for), and other factors of production; welfare economics, and the study of the interactions between markets.
Throughout the semester you will be working in assignments where you'll be required to gather information from the Wall Street Journal and The Economist magazine. Follow the instructions below to get access to them:
• The Wall Street Journal
We have copies of the WSJ available for you to use in the Library. Come visit us for assistance or visit the link to view it online (School login will be required).
• The Economist
A monthly edition of this magazine can be found on the third floor of the library. Feel free to contact us if you need help or visit this link to access an online version of the magazine.