Microeconomics is really important for Year 7 students to understand economics. Here’s why:

1. What is Microeconomics?
   Microeconomics looks at how individuals and businesses make choices about how to use their resources. It also studies supply and demand, and how markets work.

2. Why is it Important?

   • It helps us see how our personal choices can impact the economy around us.
   • In Sweden, 73% of students say they don’t know enough about economics, and this affects their everyday decisions.

3. Fun Facts:

   • A common rule in microeconomics is that if prices go up by 10%, the demand for that product usually goes down by 20%. This is called elasticity.
   • Knowing about market equilibrium (where the quantity demanded equals the quantity supplied) helps us understand how prices work.

These ideas are key for becoming smart and informed citizens in the economy!