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What is a example of microeconomics?

Examples of microeconomics, which concerns economics at an individual scale, include personal budgeting strategies, purchasing decisions, and considerations of income and debt. 

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The field of economics can be broken down into two main branches: macroeconomics and microeconomics. While macroeconomics studies the economy from a large scale perspective, such as on a city, county, or national level, microeconomics studies the economy at an individual level.

A basic definition of microeconomics is the study of how an individual, whether it is a single person or business, decides how to allocate resources, and the interaction that occurs between those individuals or businesses. Microeconomics is more about single factors and the impact that individual decisions have than broad, sweeping economic policy. Some examples of microeconomics include supply, demand, competition, and the prices of items.

A real-life example of microeconomics would be how a young couple plans a budget for purchasing...

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