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.