What Is Microeconomics? - Definition & Topics


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Which of these is the BEST definition of microeconomics?

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1. All of these are common topics studied in microeconomics, EXCEPT:

2. Mark has $15 that he wants to spend on something that entertains him. He was planning to buy a book with this money, but then he decided to watch a new movie with this money. The fact that Mark cannot read the book because he opted for the film is an example of _____.

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About This Quiz & Worksheet

While macroeconomics studies broad issues such as gross domestic product, national employment rates and inflation, microeconomics focuses on smaller issues involving individual markets and consumers. This quiz/worksheet combo assesses your understanding of microeconomics and some of the main tools and indicators used in this field.

Quiz & Worksheet Goals

In these assessments you'll be tested on:

  • The focus of the field of microeconomics
  • The definition of opportunity cost
  • The balance between the pressure for profits and lower prices
  • Key topics in microeconomics
  • The definition of oligopoly

Skills Practiced

This quiz and worksheet allows you to test the following skills:

  • Information recall - access your knowledge on the field of microeconomics
  • Distinguishing difference - compare and contrast the study of microeconomics and macroeconomics
  • Knowledge application - use your understanding of microeconomics to explain the scope of this branch of economics

Additional Learning

To learn more, review the accompanying lesson, What is Microeconomics? Definition & Topics. This lesson covers the following objectives:

  • Understand the practical applications of the study microeconomics
  • Explain the fundamental role of supply and demand
  • Describe the types of competition that are the focus microeconomics
  • Explain the importance of market elasticity in business strategies
  • Cite examples of opportunity cost