Microeconomics:

Microeconomics is concerned with specific segments of the economy, particularly the behaviour of individual consumer and firm and of groups of firms in industries. As a branch of economics, it examines how resources are organised, controlled and rewarded in various economics activities, as well as how relative prices of goods and services are detemined. The main topics falling within microeconomics include the theory of price and wage determination, the theory of consumer bahaviour, the theory of production and welfare economics.