The branch of economics that analyzes the market behavior of individual
consumers and firms in an attempt to understand the decision-making
process of firms and households. It is concerned with the interaction
between individual buyers and sellers and the factors that influence the
choices made by buyers and sellers. In particular, microeconomics
focuses on patterns of supply and demand and the determination of price
and output in individual markets (e.g. coffee industry).
Jun 3rd, 2014
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