Question

What Is Microeconomics and Its Components?

Answer 1

Microeconomics is that branch of economics that deals with the behaviour of individuals, firms and households in decision making and resource allocation.

The components of microeconomics are:

1. Marginal Utility
2. Demand
3. Supply
4. Diminishing returns
5. Elasticity of demand
6. Market structures (monopoly, oligopoly etc)

Also see:

• What is microeconomics?
• What is macroeconomics?
• Difference between Microeconomics and Macroeconomics