Journal of Hotel and Business Management
Open Access

Microeconomics

Microeconomics is the social science that studies the implications of incentives and decisions, specifically about how those affect the utilization and distribution of resources. Microeconomics describes the pricing of products and money, causes of different prices to different people, how can provide more or less benefit to producers, consumers and others, and how individuals best coordinate and cooperate. Generally speaking, microeconomics provides a more complete and detailed understanding than macroeconomics.