Final answer:
Microeconomics is the study of individual behavior in the context of scarcity and market dynamics.
Explanation:
Microeconomics is the study of individual behavior in the context of scarcity, focusing on economic choices of individuals, households, and businesses. It examines how changes in factors influence decision-making and how prices are determined in markets.
One of the key aspects of microeconomics is the interaction between supply and demand, analyzing how resources are allocated efficiently among various uses.
This economic science delves into the interactions of specific persons, entities, or companies, mainly centered around buying and selling goods in markets, emphasizing the principles of rationality and profit maximization.
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