Thermodynamic Expression of Economics



First published on April 30, 2021. Last updated on April 30, 2021.

Microeconomics concerns scarcity and decision-making at the level of the firm or enterprise. Ultimately, supply and demand governs all of the enterprises in a market as a group.  Microeconomics drills deeper, to see what is going on for the individual firm. There can be a great deal of variability among firms, even in the same industry, so this is important analysis both at the firm level, at even at the market level to gain a full understanding.


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