Microeconomics
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. It focuses on supply and demand, market structures, pricing, and the efficiency of resource use at a granular level. This field provides foundational theories for understanding how markets operate and how economic agents respond to incentives.
Developers should learn microeconomics to better understand market dynamics, pricing strategies, and user behavior, which is crucial for building products in competitive environments like e-commerce, fintech, or gig economy platforms. It helps in making data-driven decisions about features, monetization, and resource allocation, especially when working on applications that involve transactions, supply chains, or consumer analytics. Knowledge of microeconomics can enhance skills in product management, business analysis, and strategic planning within tech roles.