Micro economics: Microeconomics is a branch

Microeconomics is a branch of economics studying the behavior of an individual economic unit. Adam Smith is known as the father of economics and microeconomics. Microeconomics help in contemplating the attributes of different decision-makers in an economy like individuals, enterprises, and households. In simple terms, microeconomics help in understanding why and how different goods have different values, how individuals make certain decisions, and how do they cooperate with each other ... Microeconomics / Micro Economic Analysis The word ‘ MICRO ‘ is derived from the Greek word ‘ MIKROS ‘, which means “Small”. The meaning of micro is millionth part of a thing. Generally, it means the smallest unit of anything Microeconomics studies the economic actions and behaviour of individual units and small groups of individual units. It is the study of small components of the economy. It establishes the relationship between facts and results, which are called economic laws ... Microeconomics is a field of study that focuses on what incentivizes the decisions that people and companies make and how resources are used and distributed. It provides a more detailed... Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. [5]