Microeconomics

Microeconomics: The lateral meaning of Greek word ‘micro’ is small or minute and prefixing it with economics means minute- economics or studying the economic conditions minutely. Microeconomics can, thus, be defined as the study of the behavior of individuals and firms while making decisions to use their limited resources.
Microeconomics can also be defined as the study that observes the affect of individual’s and firm’s decisions and actions on the demand and supply of services and goods in determining their prices which may affect the quantity of goods and services supplied and demanded.