Microeconomics is a branch of economics that focuses on the behavior of individuals and firms in making decisions regarding the allocation of limited resources. It typically deals with the interactions between buyers and sellers and the factors that influence their decisions.

Microeconomics is a critical branch of economics that focuses on the decisions and behaviors of individual agents, including consumers, households, firms, and industries. It analyzes how these agents allocate their limited resources to maximize utility and profit, and how these decisions shape market outcomes. The scope of microeconomics is vast, encompassing various theories, models, and applications that provide a detailed understanding of economic activities at a granular level.