MICROECONOMICS

The study in economics that determines the market behavior of individual consumers and companies to understand the decision-making process of households and businesses. It is focused on the interaction between individual buyers and sellers, as well as the factors that affect the choices made by buyers and sellers. It is particularly concentrated on patterns of supply and demand, and setting the price and output in individual markets such as coffee industry. The branch include theory of demand, theory of the firm, and demand for labor and other production factors.