Microeconomics

Microeconomics is the branch of economics that studies individual agents, such as consumers and businesses, and how their choices interact in markets. It examines how people make decisions about what to buy, how much to produce, and how to allocate resources, often analyzing factors like prices and competition. In the context of the philosophy of economics, microeconomics raises questions about rationality, utility, and the nature of preferences, exploring how these principles influence economic behavior and societal outcomes. It helps us understand the underlying mechanisms that drive economic interactions at a personal and organizational level.