Microeconomics

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/microeconomics

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the scope of analysis?Individual economic agents (consumers, firms) and specific markets
2. What is the core theoretical framework?Neoclassical economics, emphasizing marginal analysis and rational choice
3. What is microeconomics and why is it important?Microeconomics looks at how people, families, and companies make buying and selling choices. It helps us understand how prices are set and how resources are shared.
4. How do supply and demand decide the price of something?Supply is how much sellers offer, and demand is how much buyers want. The point where the two meet is the price everyone agrees on.

Marginal Utility: The additional satisfaction gained from consuming one more unit of a good or service.
Price Elasticity of Demand: Measures how much the quantity demanded of a good responds to a change in its price.
Asymmetric Information: A situation where one party in a transaction has more or better information than the other.