What is microeconomics?

Microeconomics is a branch of economics that deals with the behavior of individuals, firms, and households in their interactions with markets. It focuses on the study of specific economic units such as consumers, producers, and sellers, and how they make decisions about the allocation of resources. The key concepts of microeconomics include supply and demand, competition, pricing models, and market structure. The primary objective of microeconomics is to analyze the way in which individuals make decisions about buying and selling goods and services in a market economy. It helps in understanding the functioning of the economy at a micro level and forming policies based on the same.

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