Basic Microeconomics

As most of the things in the world are scarce, the allocation of these scarce resources becomes very important. Economics, whether micro or macro, is needed because of this scarcity. Microeconomics deals with individuals and firms. Microeconomics can also be termed as the study of supply and demand. It assumes rational behavior of consumers and perfect competition to make mathematical models. A perfectly competitive market adjusts the prices of goods and services by itself without any exter...