Microeconomics

Microeconomics is a branch of economics that focuses on the behavior and decisions of individual economic agents, such as households, firms, and specific markets, rather than the economy as a whole. It examines how these entities make choices regarding resource allocation in the face of scarcity, and how these choices interact within particular markets to determine prices, quantities, and the distribution of goods and services. Key concepts include supply and demand, elasticity, production costs, and market structures.