Microeconomics
Microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions between these entities in various markets. It focuses on the determination of prices and quantities of goods and services, the role of supply and demand, production and consumption decisions, market structures, and factors influencing individual decision-making such as preferences, constraints, and incentives. Key concepts in microeconomics include market equilibrium, elasticity, consumer and producer surplus, cost-benefit analysis, and market failures.