The fundamental concepts of micro-economics include competition and market structures, consumers, demand, elasticity of demand, income distribution, market and prices, profits, price elasticity. Competition leads to efficiency among firms and enables prices to be low. Competition can be categorized into perfect and monopolistic competition.What are some microeconomic issues?
Macroeconomics takes a broader view of the workings of markets by looking at the functioning of large economic systems. These problems include questions of how fiat currency is valued and managed, how national income is tabulated and how to calculate the consequences of different balances of trade .What does microeconomics focus on?
Microeconomics focuses on how an individual's behavior and decisions affect the supply and demand for goods and services. The study of market failure is a key area of microeconomics.