Microeconomics Courses: Admission 2024, Fees, Syllabus, Entrance Exams, Top Colleges, Career Scope

Microeconomics is a branch of economics that studies the behaviour of individuals and firms in decision-making and resource allocation. In this, we study how consumers and businesses make decisions about what to buy sell or produce. it studies individual economic units like consumers, firms and markets and also it aims to analyse the market mechanisms that establish prices among goods and services and allocate limited resources for alternative uses.

Different topics are covered in the Microeconomics course, in which we learn about the course in detail and also gain practical knowledge along with theoretical knowledge, topics typically include demand and supply analysis, consumer behaviour, production and cost theory, market structures (like monopoly, oligopoly, and perfect competition), and factor markets.

Hey! It's a good question to ask, before pursuing any course you should have an idea about the preparation, so let me tell you that if you want to study microeconomics thoroughly, firstly to have to understand all the core concepts religiously and clear all the concepts, Then the second step starts with practising with diagrams to markets and using problem sets to apply theories practically. Mathematical skills, especially algebra and basic calculus, for topics such as profit maximization and cost analysis. If you have more doubts then you can get help from offline or online resources, you can solve previous year's question papers and give mock tests.

While pursuing microeconomics you have to keep a few points in mind students must have completed 10+2 from a recognised board, often with a background in commerce, arts, or science. Also, some institutions may require a minimum percentage, especially in economics or mathematics.

For a master's program, students typically need a bachelor's degree in economics or a related field with a minimum percentage (usually 50-55%). Some universities may also require entrance exams, and for exact and more information you can check the respective websites of the institutions.

Yes, many institutions require entrance exams, for UG level but especially for postgraduate admissions. CUET is common for undergraduate programs at central universities, while specific universities like Delhi University, JNU, or the IITs may accept CUET or may have their exams for postgraduate studies, also many institutions accept direct admissions or Merit-based admissions.

For more pieces of information kindly check the websites of the respective institutions.

Yes Mathematics is necessary for pursuing Microeconomics, while not always mandatory. It is actually recommended for understanding quantitative concepts in microeconomics, especially at the postgraduate level. in UG leve it is also important but it's more there in PG level.

Admission Process in Microeconomics depends on the type of course individual is going to pursue, so its either merit-based or through entrance exams, depending on the institution. After qualifying, students may go through counseling and seat allocation based on their rank and preferences.

There are different exams for microeconomics courses in India, and it also depends on the institution whether they are conducting their for taking admissions through merit-based or any common entrance exams. Some common entrance exams for microeconomics courses include the Common University Entrance Test (CUET), Joint Entrance Screening Test (JEST), UGC NET, IPU CET etc. and many postgraduate programs may also accept scores from exams like GATE or NET.

According to me, the very first step is to clear all the basic concepts about the course, you can review foundation mathematics basics like economics principles statistics and logic are key you know! Revise as much as you can, solving previous year's question papers and giving mock tests of a specific entrance exam like CUET or UGC NET can lead you to success.

Several topics are covered in the microeconomics entrance exam they are as follows:

Consumer behaviour demand and supply analysis production and cost functions market structures game theory and welfare economics. With this you can also get help from online platforms, you can watch videos solve mock etc.

Econometrics  is a highly specialised field of study which is taught at the post graduation level. The courses related to this field are popular in India but it is done by some of the best brains of the society. The study of quantitative economics became all the more important as a result of the utilisation of economics as a subject that can analytically approach the problems and provide efficient solutions. The subject is also known as econometrics as it deals with the study of complex mathematical and statistical models which help in detailed study of concepts of economics. The growth and development of industries is always dependent on a few factors such as resource utilisation, maximisation of revenue and similar factors. The subject quantitative economics provide economic models required for the analysis of such factors. The demand for experts in this field are huge across all the sectors some of them being advisory bodies, multinational corporations, manufacturing units, business conglomerates and so on. The global competition has led to unending race where every enterprise wants to become the market leader. This has led to the enhanced quality and services provided by organisations. The role of economic models in such a scenario becomes all the more important. Econometrics is a highly important subject for research purpose because it always leads to an efficient solution of an economic problem. A number of esteemed institutes of the country offers courses on this subject. In a developing economy like India, the role of econometrists becomes obligatory. The experts in this field are the ones who bag the best jobs in the market. Not only in India but the employment scope for the quantitative economics experts are huge abroad also.

Economics which is a subsystem of the ecosystem with its eyes on the preservation of the natural capital. The survey of German Economists showed that environmental economics and ecology are different schools of economics. Ecological economists emphasize strong sustainability and reject the proposition that physical capital can be a substitute for natural capital. Market failure One example of market failure is air pollution, as the factory is imposing an external cost on the community in a negative way. Market failure refers to the failure of markets to efficiently allocate resources. According to Hanley, Shogren, and White, a market failure happens when the market is unable to allocate scarce resources to generate social welfare. A wedge exists between what a person does give market prices, and what society wants him to do for the environment. This wedge implies economic inefficiency. Common types of market failures are externalities, non-excludability, etc. Externality An externality is when a person makes a choice that affects other people in a manner that the market price has not accounted for. An externality can be negative or positive but is usually negative in environmental economics. For instance, water seepage in buildings occurring on the upper floors affects the lower floors as well. Another example, the sale of timber does not consider the amount of carbon dioxide that is released in the cutting. An externality is a situation in which the economy lacks enough incentives to create a potential market. In economic terms, externalities are market failures in which the market does not lead to an efficient outcome. Lexicon MILE teaches about this.

Studying economics can help students in various aspects of life, fundamental policy issues that shape market and social outcomes, It develops critical-thinking and problem-solving skills to make good decisions.

• Analytical thinking
• Complex problem-solving
• Communication
• Research
• Time management
• Presenting
• Learning new and complex things
• Understanding complex relationships

Numerous topics are covered in Microeconomics courses, some core topics commonly covered in a Microeconomics syllabus include:

1. Introduction to Microeconomics

2. demand and supply analysis 3.Consumer behaviour

4. Production and cost analysis

5. Market structure

6. Theory of the firm

7. Factor Markets

8. Welfare Economics

9. Market Failures and Externalities

10. Introduction to Game Theory

11. Public Goods and Collective Choice.

Each of these topics tells us how individuals and firms decide to allocate resources or make a profit out of work.

 Students who have good marketing, problem-solving, and communication skills can pursue courses in Microeconomics. The students of Microeconomics can find employment in:

• Consultancy Firms
• Colleges/Universities/Schools
• Marketing department
• Legal Firms
• Financial Institutions
• Media Organisations

Microeconomics is the study of producer tactics to maximise profits, consumer behaviour analysis to improve welfare, and the efficient allocation and equitable distribution of resources. It assesses the competitiveness, efficiency of the market, and distribution of resources among various industries and purposes.

In general, the goal of microeconomics is to shed light on how people make decisions and how markets interact to help shape laws that advance economy-wide welfare, equity, and efficiency.

The area of economics known as microeconomics examines decisions made by individuals and businesses on resource allocation and the costs of goods and services. It focuses on the dynamics of supply and demand and how they impact pricing and customer behaviour within certain marketplaces.

Students who have good marketing, problem-solving, and communication skills can pursue courses in Microeconomics. The students of Microeconomics can find employment in:

• Consultancy Firms
• Colleges/Universities/Schools
• Marketing department
• Legal Firms
• Financial Institutions
• Media Organisations

Macroeconomics is the study of aggregates or averages covering the entire economy such as total employment, national income, national output, total investment, total consumption, total savings, aggregate supply, aggregate demand, and general price level, wage level and cost structure. In other words, it is aggregative economics which examines the interrelations among the various aggregates, their determination and causes of fluctuations in them. Thus, in the words of professor Ackley. Macroeconomics deals with economic affairs in the large, it concerns the overall dimensions of economic life. It looks at the total size and shape and functioning of the elephant of economic experience, rather than working of articulation or dimensions of the individual parts. As a method of economic analysis macroeconomics is of much theoretical and practical importance. 1. To understand the working of the economy: The study of macroeconomic variables is indispensable for understanding the working of the economy. Our main economic problems are related to the behavior of total income, output, employment and the general price level in the economy. These variables are statistically measurable, thereby facilitating the possibilities of analyzing the effects on the functioning of the economy. As Tinbergen observes, macroeconomic concepts help in making the elimination process understandable and transparent. For instance, one may not agree on the best method of measuring different prices, but the general price level is helpful in understanding the nature of the economy. 2. In economic policies: Macroeconomics is extremely useful from the point of view of economic policy. Modern governments, especially of the underdeveloped economies are confronted with innumerable national problems. They are the problems of overpopulation, inflation, balance of payments, general underproduction, etc. The main responsibility of these governments rests in the regulation and control of overpopulation, general prices, general volume of trade, general outputs, etc. Tinbergen says, working with macroeconomic concepts is a bare necessity in order to contribute to the solutions of the great problems of our times. No government can solve these problems in terms of individual behavior. Let us analyses the use of macroeconomic study in the solution of certain complex.

The scope of Macroeconomics is widening with the rise in competition in the market. The field helps businessmen focus on prices and production in individual markets as well as the interplay between different markets.

 Students can see the table below to learn the difference between Microeconomics and Macroeconomics.

 No, Microeconomics is not tough if one has an interest in the field of economics. A lot of students who are thinking about studying microeconomics are worried about how difficult the exam will be and whether they should choose this subject or one that is simpler.

Microeconomics is not the most difficult subject, but students still need to make sure they are prepared before beginning. The candidates who have done their Class 12 in Humanities or Commerce stream from a recognised Board and secured a minimum of 45% marks can get admission in BA Microeconomics.

Macroeconomics is the study of aggregates or averages covering the entire economy such as total employment, national income, national output, total investment, total consumption, total savings, aggregate supply, aggregate demand, and general price level, wage level and cost structure. In other words, it is aggregative economics that examines the interrelations among the various aggregates, their determination and the causes of fluctuations in them. Thus, in the words of Professor Ackley. Macroeconomics deals with economic affairs in the large, it concerns the overall dimensions of economic life. It looks at the total size shape and functioning of the elephant of economic experience, rather than working of articulation or dimensions of the individual parts. As a method of economic analysis macroeconomics is of much theoretical and practical importance. 1. To understand the workings of the economy: The study of macroeconomic variables is indispensable for understanding the workings of the economy. Our main economic problems are related to the behaviour of total income, output, employment and the general price level in the economy. These variables are statistically measurable, thereby facilitating the possibility of analyzing the effects on the functioning of the economy. As Tinbergen observes, macroeconomic concepts help in making the elimination process understandable and transparent. For instance, one may not agree on the best method of measuring different prices, but the general price level helps understand the nature of the economy. 2. In economic policies: Macroeconomics is extremely useful from the point of view of economic policy. Modern governments, especially of underdeveloped economies are confronted with innumerable national problems. They are the problems of overpopulation, inflation, balance of payments, general underproduction, etc. The main responsibility of these governments rests in the regulation and control of overpopulation, general prices, general volume of trade, general outputs, etc. Tinbergen says, working with macroeconomic concepts is a bare necessity to contribute to the solutions of the great problems of our times. No government can solve these problems in terms of individual behaviour. Let us analyse the use of macroeconomic study in the solution of certain complexes.