). The modern economy itself only began to develop when Adam Smith (1723-1790) launched his thoughts in a book called ” An Inquiry into the Nature and Causes of Wealth of Nations ” or later known as ” the Wealth of Nations” in 1776. Without intending to be comprehensive, the article outlines landmarks and milestones in the building of the basic principles of today’s knowledge, highlighting challenges faced and open questions. microeconomics (n.) also micro-economics, "the branch of economics concerned with single factors and individual decisions," 1948, from micro-+ economics.Related: Microeconomic (adj. It generally applies to markets of goods and services and deals with individual and economic issues. Microeconomics History of Microeconomics 2 organizations (firms, not-for-profit organizations, etc), industries and markets. Swiss mathematician Nicholas Bernoulli (1695-1726) proposed an extensive theory of how consumers make their The history of microeconomics begins with the early development of modern economics. Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. Microeconomics 2 History of Microeconomics one level, microeconomics may be used as a tool to aid in the decision making process. At one level, microeconomics may be used as a tool to aid in the decision making process. Microeconomics deals with topics such as the demand and supply of goods and services, the structure of the market, game theory, and money prices. The history of economics entails numerous figures, courses, and books and can be traced back thousands of years. ... Microeconomics focuses more on … This article provides a brief overview of the history of microeconomics, starting from the late eighteenth century when its key foundations were laid. History of Microeconomics: Microeconomic begins with the decisions that an individual consumer makes when participating in the market. It may be used as a tool to optimize some economic variable such as to maximize utility, benefits, profits, net return, or to minimize some variable such as cost per unit. Since the decisions of the individual are tied to the operations of the business, the second emphases of microeconomics is the actions of the firms/ or companies where individuals purchases their goods and services. It may be used as a tool to optimize some economic variable such as to maximize utility, benefits, profits, net return, or to minimize some variable such as cost per unit. 2) Microeconomics: A Brief History As early as the 18th Century, economists were studying the decision-making processes of consumers, a principal concern of microeconomics.