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Fundamental method – фундаментальный метод

Irreducible – минимальный, неуменьшаемый

Quantity – количество, число

Price - цена

Unit – единица, элемент

Examine – исследовать, рассматривать

Competition – конкуренция, соревнование

Efficiency – эффективность, результативность

Proceed – продолжать, направляться, идти

Interaction - взаимодействие

Microeconomics, like macroeconomics, is a fundamental method for analyzing the economy as a system. It treats households and firms interacting through individual markets as irreducible elements of the economy, given scarcity and government regulation. A market might be for a product, say fresh corn, or the services of a factor of production, say bricklaying. The theory considers aggregates of quantity demanded by buyers and quantity supplied by sellers at each possible price per unit. It weaves these together to describe how the market may reach equilibrium as to price and quantity or respond to market changes over time.

Such analysis includes the theory of supply and demand. It also examines market structures, such as perfect competition and monopoly for implications as to behavior and economic efficiency. Analysis of change in a single market often proceeds from the simplifying assumption that relations in other markets remain unchanged, that is, partial-equilibrium analysis. General-equilibrium theory allows for changes in different markets and aggregates across all markets, including their movements and interactions toward equilibrium.

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Microeconomics is a fundamental method for ……. the economy. A ……. might be for a product or service. The theory …… aggregates of quantity demanded by …….. and quantity supplied by ……. Such analysis ……. market structure. General equilibrium theory allows for changing in ……… ………...

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Text 12. Uniform Customs and Practice for Documentary Credits

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