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Fundamental Concepts of Microeconomics

In: Economics for Environmental Studies

Author

Listed:
  • Alfred Endres

    (University of Hagen)

  • Volker Radke

    (State University Ravensburg)

Abstract

This chapter starts with the introduction of two of the «protagonists» in the «drama» of economics, consumers, and firms. We elaborate on how they make their decisions and on how these individual decisions are coordinated in the marketplace. Sometimes, most of society is unhappy with the results of private decision making and market coordination; such an example is environmental destruction. We explain environmental problems to be a case of «market failure», the inability of the market system to attain socially satisfactory («optimal») results.

Suggested Citation

  • Alfred Endres & Volker Radke, 2018. "Fundamental Concepts of Microeconomics," Springer Texts in Business and Economics, in: Economics for Environmental Studies, edition 2, chapter 6, pages 49-104, Springer.
    • Handle: RePEc:spr:sptchp:978-3-662-54828-8_6
    DOI: 10.1007/978-3-662-54828-8_6
    as

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