What is Micro Economics?

Question

What is definition of Micro Economics?

Answer 1

Microeconomics is basically the study of the behaviour of different individual and organisation within an Economic System.

In other words, Microeconomics examines how the individual unit (consumer or firms) make decision as to how to efficiently allocate their their resources. Here, the focus is on a small number of or group of units  rather than all the units combined, and therefore, it does not explain what is happening in the wider Economic Environment.