Microeconomics is a branch of economics that studies how individuals,households and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold.
Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services,which determines prices; and how prices,in turn,determine the supply and demand of goods and services
Economics is the social science that studies the production,distribution,and consumption of goods and services.The term economics comes from the Greek for oikos (house) and nomos (custom or law),hence "rules of the house(hold)."