Define micro economics in finest words

Dear student Microeconomics- In Microeconomics, we study about the issues pertaining to individual economic units, basically consumers, and firms, that interact in the market of different good and services. We study how consumers make their consumption choices and decisions given their money income and the prices of goods and services. We analyse how the firms decide how much to produce and by different input combinations. We also study how prices are determined in both commodity market as well as in the factor market based on the demand and supply analysis. Thus, in other words, microeconomics is a study that basically focuses on behaviour of individual consumer and producer. It is also called the Price theory as it primarily focuses on how prices are determined both in commodity and factor markets. Microeconomics is a microscopic extension of macroeconomics. Regards

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