what is microeconomics
Microeconomics (from Greek prefix mikro-meaning small) is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.Typically, it applies to markets where goods or services are bought and sold.Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.his is in contrast to macroeconomics, which involves the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment .. Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy.