Micro Economics:  

Microeconomics is the study of economics at the level of the individual. It deals with individual demand and supply, the decisions of individual producers and consumers. These decisions are made by comparing several choices and making the best decisions on the basis of these choices. Basically microeconomics deals with economics decisions made at a micro level. Microeconomics can be described as "the analysis of the decisions made by individuals and groups, the factors that affect those decisions and how those decisions affect others". Microeconomic decisions by both firms and individuals are motivated by cost and benefit considerations. Costs can be either in terms of financial costs such as average fixed costs and total variable costs or they can be in terms of opportunity costs, which consider alternatives foregone.

So, microeconomics is that branch of economics dealing with the functioning of individual industries and markets, as well as the behavior of individual decision making units such as households and firms.

Microeconomics deals with scarcity and choice, opportunity costs and specialization, markets, demand and supply, the law of demand and supply, market equilibrium of demand and supply, elasticity of demand and elasticity of supply, income elasticity of demand, cross price elasticity, the price system, price ceilings and price floors, consumer choice, consumer surplus, producer surplus, indifference analysis, consumer equilibrium, the efficiency of markets , maximization of profits, the market system and the private sector, price discrimination, firms and production, cost schedules and cost curves, costs and product markets, marginal analysis, costs and production, market power, market structure(types of markets), tax incidence and deadweight loss, antitrust and regulation, property rights and incentives, government and market failure, resource markets and labor market, production and production costs, economies of scale, utility analysis and utility maximization, the role of government in the market system, the circular flow of goods and services in the economy, and the importance of efficiency. Each one of these topics deals with individual decisions of households, firms and the government.