Microeconomics is a branch of economics that studies individuals, households, and firms’ behavior in making decisions regarding the allocation of limited resources.
It is in contrast to macroeconomics, which is the study of events or phenomena that affects the economy. This includes; growth, inflation, and unemployment.
A lot of students have been questioning if microeconomics is hard. Perhaps it is because this subject is mathematically demanding.
In this article, I will talk about microeconomics, how hard it is, and how you can make this subject easier for you.
Is microeconomics hard?
Students assume that microeconomics is hard because they fear the math aspect. Yes, microeconomics contains basic mathematics, but is it actually hard?
Well, to be honest, microeconomics is a relatively easy subject for a majority of students. However, it may be challenging depending on certain factors. Some of these may be;
1. What you already know
Whether or not microeconomics is hard for you will depend on what you know already. If you performed well in classes that are related to microeconomics in high schools, such as business, you would probably find this subject less difficult.
Additionally, if you also did well in math while you were in high school, microeconomics should be a walk-through for you. Concepts such as externalities can prove to be a bit difficult, but prior knowledge of maths should suffice.
2. Your lecturer or professor
The difficulty of the class may also depend on the lecturer or professor handling the class. Professors generally dictate the pace of a class. Some will tell you all you need to know, and some may introduce a topic and instruct students to do their own study.
A few prefer giving more assignments containing what they have not explained just to see how well students will perform. Some of these teaching methods are beneficial for some students, while others may find it hard to catch up.
3. Your interest
It may also depend on your personal interest in the subjects. If you are interested in learning how individuals, households, and firms’ market work, you will be motivated and understand things faster.
In contrast, if you do not find it interesting, you may lack the motivation to perform well. This may tell on your overall performance, giving you the notion that microeconomics is hard.
So, in what way can you make microeconomics easier?
1. Plan your semester out before it commences
One mistake many students make is going into a school semester without proper planning. The best practice is to have a schedule for the semester and stick to it strictly.
The schedule should include; time to study daily, subject to study, time to do assignments, and time to review performance on the previous test. Additionally, you should include time to practice or test yourself as well.
The key is to be disciplined and follow the schedule because missing any plan in the schedule may affect your performance.
2. Ensure you do well in assignments and tests
A lot of students fail to do assignments, and most times, they count towards your final grades. For this reason, you must ensure you always turn in your assignment, not just turning it in but also performing adequately.
The same can be said about tests, as they are also important. Many times, questions that may arise in the exams were gotten from previous test questions. Revising your performance could be the difference between an A and a B.
3. Take advantage of office hours
Some professors hold office hours for students who need more assistance, don’t be afraid to take advantage of this opportunity. Bring up questions on any topic you find challenging.
This will help you avoid any gap in knowledge for that subject while showing your professor how dedicated you are to your education.
4. Prioritize whatever the professor gives you
As much as you can get quality materials from the library or online, the materials given by the professor should be the main priority. Your exam questions will likely come directly from those materials.
Ensure you study the materials given prior to your exams and ask for clarity on topics you find challenging. This will help build your knowledge and confidence for any upcoming exams.
Why is studying microeconomics important?
1. It gives you more understanding of the economy
Microeconomics facilitates the understanding of the economy. It gives you more insight into how millions of buyers and sellers behave in an economy. It also sheds more light on what to produce, how much to produce, and whom to target in the market.
2. It is useful in designing economic policies
The study of microeconomics is essential in economic policy formation and analysis. It is useful for analyzing the impact of government policies on the allocation of resources and pricing of products.
With the help of the demand-supply model, it analyzes the effect of such a policy before and after it is implemented.
3. It is useful for decision-making
It helps businesses or organization executives make decisions on production and trading plans. This is done by using analytical tools to study the market’s mechanism.
You will be able to make the right decisions regarding resource allocation, pricing policies, demand analysis, cost analysis, and production decisions.
FAQs
Is there a lot of math involved in microeconomics?
There are just a few basic math concepts involved in microeconomics. They include Geometry, order of operations, balancing equations, and the use of derivatives for comparative statistics.
Is AP microeconomics hard?
No, it isn’t.
For many students, AP microeconomics is fairly easier than other AP courses.
Is microeconomics harder than macroeconomics?
Generally, macroeconomics is considered to be harder than microeconomics. This is because macroeconomics needs broader and more in-depth knowledge than its counterpart.
Conclusion: Is microeconomics hard?
Microeconomics deals with the decisions that individuals make, the factors that influence the decision, and how they affect the price, demand, and supply.
It is a very important subject taken by college students and is relatively easy. However, certain conditions or happenings cause this subject to be difficult for most students.
In order to excel at microeconomics, you should follow the tips highlighted above in this article.
I hope you found this article insightful, if you did, you should also learn more about economics as a subject.
Thanks for reading.
