Irvin B.Tucker – Microeconomics for Today (2nd Ed.)

Author: Irvin B.Tucker

Irvin B. Tucker has over 20 years of experience teaching introductory economics at the University of North Carolina at Charlotte. He earned his B.S. in Economics at N. C. State University and his M.A. Ph.D. in Economics from the University of South Carolina. Dr. Tucker is a longtime member of the National Council on Economic Education. And former Director of the Center for Economic Education at the University of North Carolina at Charlotte. Recognized for his ability to relate basic economic principles to global issues and public policy.

Microeconomics for Today

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Microeconomics (from Greek prefix mikro- meaning “small”) is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.

Typically, it applies to markets where goods or services bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.

One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics also analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.