Microeconomics Flashcards

What is Microeconomics?

Economics is broadly split into two branches, microeconomics, and macroeconomics.

Microeconomics is the branch of economics concerned with single factors and the effects of individual decisions while macroeconomics studies large-scale national and global factors such as inflation and unemployment.

Microeconomics is primarily concerned with how the supply and demand of goods are affected by price changes by both consumers and firms.

Both types of economics are important but microeconomics is helpful to sales and purchase situations while macroeconomics is helpful in regulating the economic health of a country.

Original economics of the eighteenth century was essentially microeconomics and concerned consumer decision-making. The Scot, Adam Smith and London Economist, Albert Marshall are considered to be fathers of economics or microeconomics. Smith’s book “The Wealth of Nations” 1776 and Marshall’s book ” Principles of Economics Vol. 1”, 1890 are key to microeconomists studies.

Macroeconomics was a later development and did not exist until after the 1930’s. The birth of this branch of economics is attributed to the American Keynes and his observations of the Great Depression.

Careers in Microeconomics

Graduates with Microeconomics degrees can choose from several occupations including:

• Microeconomist
• Lecturer
• Portfolio Manager
• Corporate Strategy Analyst
• Pricing Analyst
• Investment banking Director
• Economics & Statistics Manager

Microeconomists often work in companies using their skills to carry our accounting and predictive analysis on corporate finances. There are also positions available in public policy think tanks for microeconomists who interact with the public to study government policy and prepare relevant research.

You can find out more about salaries with an Economics major as well as the best schools at Study.com.  The American Economics Association​ and The ​National Bureau of Economics are also great places to find out more information. For a super quick lowdown, the Crash course team always offer great information.

Learning Microeconomics

Microeconomics is often studied by Accounting, Business, and Finance students as well as Economics students. You might also study microeconomics as part of a combined degree incorporating subjects such as Sociology, Philosophy, Law, and Politics.

Studying statistical analysis methods is par for the course if you study macroeconomics but it’s good to know that Brainscape has pages where you can brush up on your Math skills.

Microeconomics students need to get to grips with theories, models, and facts in order to analyze problems. After using Brainscape to lay the foundations of strong Economic knowledge you’ll be able to able to construct decisive arguments every time.

Microeconomics in Brainscape

Studying microeconomics with Brainscape could have you visiting lots of pages. There are pages for microeconomic grads and postgrads. You’ll also find lots of pages that cover other subjects that economics majors will find useful too, such as econometrics.  

Perhaps you’re still hoping to get into college and need top scores? Brainscape has produced a study guide for AP microeconomics in partnership with Next Step Test Preparation that will have you acing your tests.

Alternatively, you can take advantage of our software to produce your own personal catalog of flashcards. It’s a great way to learn and it’s your choice whether to share the flashcards with your classmates, the Brainscape community or keep them private.  

Learn faster with Brainscape

The confidence-based repetition system or CBR is a hybrid of three key learning methods: Metacognition, Spaced Repetition, and Active Recall.

With other computer-aided learning tools, you’ll notice that your often wasting time when you repeat certain information you know very well. The Brainscape system incorporates Metacognition into the learning process and to fuel the algorithm making for the most effective learning system available today.

With Brainscape, you’re optimizing your learning time and learning twice as fast. It’s, therefore, your decision whether you learn twice as much in the same time, or you reallocate your free time to other activities - that’s basic Economics, after all!

The first of the three learning methods, Brainscape uses is Active Recall. You’ll notice with Brainscape that there are no repetitive, easy-to-spot multiple-choice questions that come around and around again as with some computer-aided learning systems.

Brainscape does not involve itself in the sale of qualifications and is concerned only with providing students with the strongest educational tools on the market to learn and retain information so that it’s useful and practical in long-term career goals. Active recall is a method of learning where the brain must work hard to recall information and as a result the neural pathways become strengthened enabling easier recall in the future.

The second process incorporated by Brainscape is metacognition which also furthers strengthens the memory trace as you consider and analyze your own breadth of understanding and current memory.

Finally, the spaced repetition method of showing bite-sized information at precise intervals has also been proven by thousands of academic studies to be a highly effective learning process.

These three learning methods power Brainscape making it the most effective learning engine in today’s education market.

How to get started

The microeconomics flashcards are free to use and keep on using. They’re produced by top Economic professors and students so dig in and choose from a variety of subjects such as Theory of demand, Theory of the firm, and Demand for labor.

If you’d like to make your own notecards then simply click the “make flashcards” icon at the top of the screen and get started. You can author the flashcards by typing individually which will strengthen your learning. There’s also the option to create flashcards by importing data fast. Whichever method you use, it’s up to you, whether you share your own interactive learning library.

At Brainscape we’re super excited about our world-leading educational tools. Happy learning and all the best with your microeconomics studies and career.