Microeconomics
Microeconomics is the branch of economics that is concerned with individual areas of economic activity, such as those within a particular company or relating to a particular market.
Microeconomics is a branch of mainstream 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. Microeconomics focuses on the study of individual markets, sectors, or industries. One 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 conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results.
Microeconomics. Collins English Dictionary. Retrieved from: https://www.collinsdictionary.com/dictionary/english/microeconomics