Wednesday, July 6, 2016

Microeconomics

Microeconomics is a branch of economics that studies the behaviour of individuals or households or firms (economic agents) in making decisions regarding the allocation of limited resources.
It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers.
In particular microeconomics focuses on patterns of supply and demand and the determination of prices and output in individual markets, and that how individual businesses decide how much of something to produce and how much to charge for it.