The study of firms’ behavior in making decisions on a country level, organizational level, and individual level when it comes to scarcity of resources is termed microeconomics. It is a branch of economics that involves the study of phenomena and events affecting the economy on both the individual level and the country level. Studying microeconomics is quite tough because it mainly includes the study of unemployment, inflation rate, growth, and the decision-making of firms when it comes to the allocation of limited resources in the country.
If you are planning to select microeconomics as your major in higher studies and are confused about whether it is a hard or easy subject, do not worry anymore. Well, this guide will tell you whether microeconomics is hard or not and why some students consider it a hard subject. Moreover, the guide also tells you about what is the future of microeconomics and what college options you have if you’re willing to study microeconomics.
Well, yes, microeconomics is comparatively harder than macroeconomics. It involves lots of calculus and math. But relatively, it is an easy subject for most students.
Certain factors make it challenging. Here in this guide, we will talk about those factors and what makes studying microeconomics hard. But let us first discuss what microeconomics is and what you have to study in this field.
What Is Microeconomics?
Microeconomics is the field of social sciences and is the branch of economics that involves the study of decisions and implications of incentives, mainly when you have limited resources. It involves the studies of the allocation of resources of consumption, production, and distribution at both the individual level and firm levels.
Moreover, it is the study of business and individual economic activity. Plus, since it involves a study of an economy as a whole, it is one of the important branches of the economy that has a good scope on both national and international levels.
What You Have To Study In Microeconomics?
Microeconomics is a branch of an economy that involves the study of economic measures on both the individual level and business levels. It involves the study of math, economics, linear algebra, calculus, and the study of supply, demand, elasticity, trade, production decisions, and economic profit.
Market factors, the economy of the country as a whole, and market equilibrium are also studied in microeconomics. All of these subcategories, when combined, make microeconomics slightly difficult for students but not as much as macroeconomics.
Is Studying Microeconomics Hard?
Studying microeconomics is not relatively hard but yes, it is for some students. It is comparatively an easy subject that has a broader scope in the future. It studies the influence of scarcity of resources on both individual and industrial levels.
Since it involves several subcategories and sub-topics, it becomes difficult for those who have less interest in math and have difficulty in solving advanced math equations. Moreover, the subject’s hardness depends upon your interest in the subject.
If you have an interest in the subject, you will love studying microeconomics. On the other hand, if you do not like it, you will hardly sit in the lecture hall and take one full microeconomics lecture with all of your attention.
Furthermore, the study of microeconomics becomes difficult if you do not have a good professor. Alternatively, if you have a reliable and professional microeconomist as your teacher, he will make the subject easier and more understandable for you.
Must-Have Skills To Study Microeconomics
Following are some of the must-have skills if you are looking to study microeconomics. To be a good microeconomist, you have to make sure that you have the following skills in you.
- You must have a mathematical aptitude and should know the basics of math, linear algebra, calculus, and tough equations. You have to make sure that you have an interest in advanced math, as microeconomics involves lots of math in it.
- Moreover, you should be skilled enough to understand complex systems and complex equations. Microeconomics deals with lots of complicated concepts that are very important for the student to understand to be a good microeconomist, and since the concepts involve logical theories and research, you have to be skilled enough to understand everything.
- You should have oral and verbal communication skills to excel in microeconomics. You have to make sure that you can convey your part to others as you have to work in a team, so you must be skilled enough to communicate with your team members in an understanding way.
- Moreover, you should also have research skills because microeconomics involves a lot of research to forecast interest rates and economic activity. If you have sound research skills, it will help you in making smart and creative business decisions that would, of course, be more productive and profitable. Furthermore, particular research skills that should be present in macroeconomists include the collection of data, the development of theoretical frameworks, and the understanding and making of economic reports.
Good GPA For Microeconomist
A good CGPA for a microeconomist is equal to or more than 2.8. An average of 2.5 CGPA is considered better but to get enrolled into internship courses and start your job as a microeconomist, you need to make sure that your CGPA is equal to or more than 2.8. Moreover, a GPA above 3.3 is considered a very good GPA in economics that can help you in getting a very good and better job.
Future Of Micro-economist
The future of microeconomists is always good, and jobs in microeconomics are always available because the government of every country needs professional microeconomists to study their economy. Moreover, since macroeconomists study issues like demand, supply, economic welfare, consumption, production, and factor pricing, they are always in demand. So if you are a microeconomist or planning to study microeconomics as your major, you will end up having a good profession that will help you in getting a good job.
Can You Get a Job As A Microeconomist?
You can get a good job as a microeconomist, as there are lots of posts available in government areas. Some of the major working areas that offer jobs for macroeconomists include labor economics, behavioral economics, industrial economics, health sector pricing and marketing institutional economics, and the sectors of financial economics and investments.
What Is The Scenario Of Jobs In The US Market Right Now?
In the US market right now, you have fewer chances of getting a job as a microeconomist. This is because microeconomists work basically for the government and offer their services to large businesses.
And for now, almost all the seats of macroeconomists in large firms and government offices are filled. Moreover, with the rise in government policies and the country’s economy, there would be a good scope for jobs as a microeconomist in the US market.
Average Salary Of A Microeconomist
In Pakistan, the average salary of a microeconomist is somewhere around PKR 900000 annually. And with the advancement in study and experience, the average salary automatically increases.
In the USA, the average microeconomist salary is somewhere between $100800 per year to $106872 per year. And if you get higher education in microeconomics, you will be paid more and will receive more allowances and bonuses. Moreover, more experienced microeconomists can make up to $160000 per year.
The average salary of a microeconomist in France is 77,636 euros. The salary can increase with an increase in education and professional experience.
The general salary that is given to microeconomists in Germany is $59633 per year. It is an average salary that can increase and decrease based on your professional experience and education.
Top Microeconomy Colleges
- London School of Economics and Political Sciences in London
- Harvard University in Cambridge
- Massachusetts Institute of Technology
- In Cambridge
- Stanford University in Stanford California
- University of California Berkeley in California
- Yale University in New Haven
- Princeton University in Princeton, New Jersey
- The University of Chicago in the United States
Is microeconomics a lot of math?
Yes, you can say that because microeconomics includes lots of math, lots of mathematical equations, mainly Algebra and advanced mathematics skills. You need to know linear algebra, basic probability theory, advanced calculus, and differential equations to study microeconomics as your major.
Which is harder: macroeconomics or microeconomics?
Well, it depends on which areas you are interested in. If you have an interest in macroeconomics, it becomes easier for you and if you have an interest in microeconomics of course, studying microeconomics would be less difficult for you as compared to macroeconomics.
Which subject is more interesting: microeconomics or macroeconomics?
Compared to microeconomics, macroeconomics is considered a more interesting and prominent field to study. The study of macroeconomics revolves around fiscal policy, the reasons for unemployment and inflation in the country, and also includes the study of nationwide economic growth on a larger scale.
Should I prefer microeconomics or macroeconomics?
To finalize whether you should study microeconomics or macroeconomics, you should first see your priority and look at what you are interested in. Finalize the subject after focusing on your interest so that it becomes easier and much more interesting for you to learn.
Hopefully, you have gone through the above-mentioned article that answers the question of whether studying microeconomics is hard or not. If you are interested in economics and are looking to select microeconomics as your major, focus on your interest.
Moreover, macroeconomics is somehow considered difficult because it involves several concepts that you need to clear beforehand. Look at the above-mentioned details and then finalize the major so that you can study in a better, more understandable way.