Brief Definition of microeconomics with an example
Microeconomics is the branch of economics that studies individual behavior and decision-making of households and businesses in the economy. It focuses on how individuals make decisions regarding consumption, production, and allocation of resources in a market economy.
Example: An example of microeconomics would be analyzing how a change in the price of a specific good, such as gasoline, affects the behavior of individual consumers in terms of their purchasing decisions and how it impacts the demand and supply of gasoline in the market.