# Microeconomics

## Employment

Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for-profit, not-for-profit organization, co-operative or other …

## Technical efficiency (X-inefficiency)

When we talk of efficiency in terms of the productiveness with which we obtain an output with a certain set of inputs, we are talking about technical efficiency. An alternative way …

## Production

Production theory is one of the basic concepts of microeconomics; it is the study of production or the economic process of converting inputs into outputs. Producers seek to choose the combination …

## Consumer choice

The theory of consumer choice (or consumer demand theory) is the branch of microeconomics that relates preferences for the consumption of both goods and services to the consumption expenditures; ultimately, this relationship between …

## Market

The word market, in economics, indicates the place (also in a figurative sense) and at the same time also the moment in which the economic-commercial exchanges of raw materials, goods, services, …

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