The Microeconomics is a branch of economics that is responsible for studying the modus operandi of the agents individual, and these individuals, families, workers, investors, producers, companies and even the State, as well as the markets, taking into account that all in the end behave as consumers.
As its name indicates, microeconomics is responsible for the study of a small or local aspect of the economy, considering each of the decisions that individual agents make in order to meet the objectives or goals that they themselves propose. Unlike macroeconomics whose object of study is the sum of all those individual actions seeking a general perspective framed in a country; that is to say, adding or adding microeconomic behaviors can arrive at macroeconomic behaviors.
In addition, microeconomics also focuses its application on the allocation or distribution of scarce or limited resources in the markets of production factors, where companies demand the labor, land and capital that households can offer and also in the markets for goods and services in where companies offer and households demand said goods and services.
In turn, microeconomics seeks to analyze the way in which goods and prices are established in the markets, that is, what are the decisions both by companies and consumers that affect the supply and demand of products that define which are the established prices (taking into account in them, costs, profit and at the end the sale price to the public), and these prices will also indicate what will be the supply and demand of goods and services. In addition, microeconomics investigates the way and quantities to market products and explores the best ways in which companies and consumers can perceive better and greater benefits.
It is important to keep in mind that economics is a social science because it studies man in society, which has infinite needs to satisfy and microeconomics helps this to be done in a better way, teaching man to have a better administration of its resources that are always limited or scarce.
