Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
Primary goal of microeconomics is to analyze the market mechanisms that establish relative prices among, goods and services and allocate limited resources among alternative uses. Microeconomics shows the conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results.
While studying microeconomics, it focuses on the following topics like Economic problems, firms, individuals, growth, inflation, price, cost, taxes, demand, supply, Market, consumption, unemployment, various tiers of competition, labour, Government policies and so on….