Question

What do you mean by microeconomics?​

Answer 1

Definition: Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

Description: Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand.

Answer 2

ANSWER:-

Microeconomics:-

Microeconomics refers to that branch of economics that study individual units of economics. Alternative name for microeconomics is Price theory. Tools of microeconomics is demand and supply. Price is determinants to solve problems.

Example:-

Income of Rakesh.