Microeconomics is the study of decision making and incentives by individual sellers and buyers in a market, and how their free interactions guide the optimal allocation of resources – what Adam Smith called the “invisible hand.” Markets are nothing more than the sum of all the individual decisions within them. By truly understanding the incentives and responses of one player in the market, you may come to understand that market as a whole, as we explain below.
“The difference between successful people and very successful people is that very successful people say no to almost everything.”
– Warren Buffett
“People learn as they teach.”– Seneca
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