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Microeconomics and macroeconomics are two major branches of economics that study economic activities from different perspectives. Microeconomics studies individual economic units, while macroeconomics studies the economy as a whole. Microeconomics is concerned with the behaviour of individual consumers, firms, households, and particular markets. It explains how consumers make choices regarding the purchase of goods and services and how firms decide what, how, and for whom to produce. It also studies the determination of prices of individual commodities and factors of production through _________ _______ ____ ______ ___ ___ _______ ___ __________ ______ ____ _________.
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