Micro Economics

May 20th, 2015
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Aberystwyth University
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Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία (oikonomia, "management of a household, administration") from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)" Political economy was the earlier name for the subject, but economists in the latter 19th century suggested 'economics' as a shorter term for 'economic science' that also avoided a narrow political-interest connotation and as similar in form to 'mathematics', 'ethics', and so forth.

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This notefocuses on long run costs, the effect of economies of scale on unit costs and the effects of economies of scale on prices and competition in markets.What are economies of scale?Economies of scale are the cost advantages that a business can exploit by expanding their scale of production in the long run. The effect is to reduce the long run average (unit) costs of production over a range of output. These lower costs are an improvement in productive efficiency and can feed through to consumers in the form of lower market prices. But they can also give a business a competitive advantage in the market. They lead to lower prices but also higher profits, consumers and producers will both benefit.There are many different types of economy of scale and depending on the particular characteristics of an industry, some are more important than others. They are the result of a complex se

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