In recent times, it has been put on the lips of all economic issues, since it is something that affects us all equally to some extent or another, to define microeconomics We must bear in mind that the concept of economics, which is nothing more than the science that studies as individuals or complex societies, administer or manage scarce resources between alternative ends to satisfy their needs.
We say that the economy is based on the administration and management of scarce resources, although properly This does not mean that they are really scarce, since this term within the economy is relative.
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This means that, even if there is or there is little of a finished good, it does not mean that it is scarce and that there is much does not mean that it ceases to be, since a relative concept that depends on both supply and demand, and is not uniform as there may be differences from a geographic or temporary.
Economics is a science because it follows a scientific method which consists in that by observing reality, we generate one or more behavioral hypotheses that then when contrasted generate new theories.
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In this article you will find:
What does Microeconomics study?
The microeconomics It focuses its basic analysis on goods, that is, they analyze which goods or services to produce from the tertiary or quaternary primary sector. In addition, you have a price account to know how much to pay for a good or service. In the same way, the markets are taken into account, that is, where and for whom to produce, knowing about supply and demand.
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The satisfaction of both material and immaterial needs oblige us to carry out productive activities, through the realization of these we obtain the goods and necessary services, that is why we can say that goods are all those that satisfy a need for which it is demanded and being scarce that good will have a cost, value or price.
Types of goods in Microeconomics
We find 2 types of goods:
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1. Substitute goods
To define this concept we can assume a fairly common example such as Pepsi and Coca-Cola. They are products that, although they are not the same, you can easily substitute one for another under a certain context, a good will be a substitute for another when increasing the price of one of them automatically causes an increase in demand for the other. With this we can say that a decrease in the price of a good would cause a fall in the demand of the competition.
2. Complementary goods
They are goods that are consumed at the same time, such as cars and gasoline, or sugar and coffee. If the price of gasoline suddenly rises, people would demand fewer cars, and the opposite would happen if the price of fuel fell, the demand for cars would rise.
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Classification of goods
According to his character we can find free goods which refers to their abundant quantity, and they are not owned by anyone like sunlight or air, and those that are scarce in relation to the desires that exist on them will be economic, such as oil or Earth.
According to their nature, capital goods are those that do not directly meet the needs of people, they are desired by the use in the production process, a machine, money.
On the other hand, we have the consumer goods, those that are destined directly to the satisfaction of the basic needs of the people such as meat or milk. We can also classify goods according to their function as intermediate goods, which are those that have to undergo a transformation before becoming a consumer good such as flour or wood.
The final goods they are those that are ready for the satisfaction of people like bread or furniture.
Why is Microeconomics important?
The microeconomics is responsible for studying the behavior and relationships of individual economic agents, in the first instance there are families and with this we can also refer to individuals, likewise there are companies that have well-defined economic objectives, we also have the markets where all these operate agents.
In addition, it must be taken into account that in the microeconomics of each of the named agents make individual decisions to meet certain objectives.
Price influence
One commonly used instrument to measure scarcity is prices, and this is a concept that many people overlook. It is important to realize that the prices of things do not represent the importance they have, but are indicative of scarcity and is set by supply and demand.
The price of the good is not related to the importance it has for life, but is set according to the scarcity of that good.
On the other hand, we can ask who suffers from the shortage? The answer is simple, everyone is affected by the shortage, both consumers, producers, and even the state.
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