Microeconomics, as a branch of the economy and a fundamental component of economic science, studies the economic activity at the level of the individual economic agents, such as the actions, the correlations between them, and also the particularities of each category of participants. The methodological system of economic science is established and developed to capture the economy under all its causal, conditional, structural, technological and social determinations.
The book Microeconomics elaborated by the professor Mirela Ionela ACELEANU and associate professor Andreea Claudia ŞERBAN aims to theoretically ground the main concept, theories, lows, models of this field, as well as to explain the main phenomena and processes at the level of the economic agents: producers and consumers. The analyzed problems include: the presentation of the domain of economic science and its branches, the analysis of the scarcity, as a fundamental problem of the economy, in correlation with the virtual unlimited and dynamic human needs, the characterization of the real system of the market economy. At the same time, the paper addresses consumer behaviour, explaining basic concepts such as utility, consumer preferences or the budget constrain. The explanation of the producer's behaviour includes the approach of the production factors, average and marginal productivity concepts, producers equilibrium and it is also detailing the costs at the level of the economic agent. Starting from consumers and producers as exponents of supply and demand, we have explain these main components of the market. Factors influencing demand and supply evolution and elasticity are clarified in order to understand the mechanism of price formation and market equilibrium. Based on these elements, the book examines the perfectly competitive market model, but also imperfect markets such as monopoly or oligopoly. Although the system of markets is the best framework for efficient allocation and use of resources, there are circumstances under which this objective is not achieved, which leads to the market failures, discussed in the last chapter of the paper.
The proposed problem has been approached and treated in a unitary way to give an insight into the complexity of economic activity for future economic specialists.