Economics Microeconomics
Microeconomics is a branch of economics that focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders. It studies how households and firms make decisions to allocate limited resources, such as time, money, and labor, in order to maximize their utility. Microeconomics also analyzes market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. It explores how these decisions and behaviors affect supply and demand for goods and services, which determine prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.