Studies & Degrees in Microeconomics
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Microeconomics is a field of economics specialized in the teaching and research of how an individual's behavior and decisions affect the supply and demand for goods and services. In the study of microeconomics, the actions of individuals, households and businesses is crucial, unlike the study of macroeconomics, which on the other hand explores national and international economic trends. Furthermore, microeconomics encompasses a range of specialized areas of study. Key applied microeconomics fields are price theory and labor economics.
A specialist in microeconomics will deal with questions like what an employee would do if they received a raise. Would they increase or decrease work hours and would they spend more, or act irrationally. Another question that a microeconomics specialist would explore is the concept of market failure. This represents a situation, in which the market is inefficient – this can happen due to monopolies, a lack of information, or other similar occurrences. Finally, a major concept for examination by microeconomics students is opportunity cost; this is the idea of forfeiting opportunities, as resources are used for other purposes. For example, through the study of microeconomics you would ponder over the choices an employee makes over taking a vacation or enrolling on a course that would raise their qualifications.
Microeconomics, as already mentioned earlier, is a field within economics, so an interest in business and economics would be a good prerequisite for specializing in this area of study. Other qualities are:
- Analytical thinking
- Excellent at research skills
- Enjoy reading economic texts and authors; enjoy reading up-to-date economic trends
- Good problem-solving skills
- Excellent mathematical abilities.
- Excellent written and oral communication skills.
Microeconomics is often taken as a compulsory subject if you embark on degrees like Business, Economics, Business Administration, Accounting, etc. Microeconomics and macroeconomics are the foundation of any study of business and economics. If you wish to specialize, though, there are such options through pursuing a master’s degree or taking more microeconomics-related subjects in the last years of your degree. The field of economics is strongly interrelated with other aspects of human life and behavior, so you should expect to also go into areas like psychology, history, law, politics and anthropology. Besides, it is a field that requires a lot of practical and real-world examples. Therefore, you would be advised to choose a university through the employability ratings of their graduates. This would indicate that the institution has managed to merge theory and practice well in their curriculum. There are some institutions even offering a full-year internship or study abroad opportunity, and this would be a very good choice if you are planning to become an entrepreneur, or just wish to raise your career prospects.
Because the study of microeconomics is multidisciplinary in nature and equips students with a wide variety of transferable skills, economics and microeconomics graduates are very employable. They can work at large private companies, taking managerial roles, and they could also take positions in government. Such a degree would also give you the fundamental knowledge to establish and manage your own business.