The word microeconomics was used by Pieter De Wolff in1941 in a published article when the broadened term micro-dynamics was changed into microeconomics. Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions. The main goal of microeconomics is to analyze the market mechanism which is relative to price among goods and services.
Macroeconomics is one of the most important strategies in business and economics. Macroeconomics formulate different types of models based on logic and overserved human behavior. The basic concept of microeconomics includes incentives and behavior, utility theory, production theory and price theory.
Lastly, microeconomics focuses on market demand and supply factors that determine the economy price level. This means that microeconomics concentrates the ups and down of a market for goods and services.
