Microeconomics is the branch of economics that studies how individuals, households, and businesses make decisions about buying, selling, and using resources. It focuses on smaller units rather than the economy as a whole.
From Greek ‘mikros’ meaning ‘small’ and ‘oikonomia’ meaning ‘household management’ or ‘economy.’ The ‘micro-’ prefix was added to distinguish it from ‘macroeconomics,’ the study of large-scale economic issues.
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