Microeconomics

Microeconomics is a branch of economics that studies the behavior, decisions, and interactions of individual agents, households, firms, and markets, focusing on the allocation of resources and the determination of prices and quantities of goods and services at the micro-level. Microeconomic analysis examines various economic phenomena, including consumer behavior, production and cost theory, market structures, factor markets, and welfare economics. Microeconomics provides insights into how individuals and firms make choices and allocate resources in a world of scarcity.