When the question is asked what is microeconomics, this answer might help.
Microeconomics comes from the greek word micro meaning small.
Economics is about making economic decisions, so as to make the best use of scarce resources.
So microeconomics focusses on individual consumers and businesses rather than the whole economy. These individuals and businesses must make the best use of scarce resources. This is the economic concept of scarcity.
Interaction between consumers and businesses takes place in ‘markets‘.
Because of this, learning about markets is very important in microeconomics.
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