What is Microeconomics ? Microeconomics is the study of how individuals and companies make choices regarding the allocation and utilization of resources. It also studies how individuals and businesses coordinate and cooperate, and the subsequent effect on the price, demand, and supply. Microeconomics refers to the goods and services market and addresses economic and consumer concerns. Why are seniors receiving discounts on public transportation systems? Why do flight tickets cost so much ... What is ' Microeconomics ' 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. 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 ...
