Journal of Advances in Developmental Research

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Teaching Microeconomic Fundamentals: A Unified Approach to Market Structures and Behavioral Economics

Author(s) Dr. G. Nagoji
Country India
Abstract This paper presents a unified pedagogical framework for teaching microeconomic fundamentals that integrates traditional market structure analysis with behavioral economics principles. The conventional approach to microeconomics education often treats market structures and behavioral insights as separate domains, leading to a fragmented understanding among students. Our proposed methodology demonstrates how behavioral factors systematically influence market outcomes across different competitive environments, from perfect competition to monopolistic structures. Using empirical data from the Indian economy (2010-2018), we illustrate how behavioral biases affect consumer decision-making, firm pricing strategies, and market efficiency. The framework incorporates loss aversion, anchoring effects, and bounded rationality into traditional supply and demand analysis, providing students with a more realistic understanding of market dynamics. Through comparative analysis of Indian telecommunications, retail, and agricultural markets, we show how behavioral factors vary across different market structures and cultural contexts. The unified approach enhances student comprehension by 23% compared to traditional teaching methods, as measured by assessment scores and retention rates. Our findings suggest that integrating behavioral economics into foundational microeconomics courses better prepares students for advanced economic analysis and real-world applications. The methodology is particularly relevant for emerging economies where traditional assumptions about rational behavior may not fully capture market realities. This pedagogical innovation addresses the growing need for economics education that reflects contemporary understanding of human decision-making while maintaining theoretical rigor.
Keywords microeconomics education, behavioral economics, market structures, pedagogy, Indian economy, unified approach, teaching methodology.
Published In Volume 11, Issue 1, January-June 2020
Published On 2020-02-07
Cite This Teaching Microeconomic Fundamentals: A Unified Approach to Market Structures and Behavioral Economics - Dr. G. Nagoji - IJAIDR Volume 11, Issue 1, January-June 2020. DOI 10.71097/IJAIDR.v11.i1.1521
DOI https://doi.org/10.71097/IJAIDR.v11.i1.1521
Short DOI https://doi.org/g95j47
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