ECONOMICS “utility,” subject to the constraint of how

much income they have available to spend.

The English term 'Economics' is derived from the
Greek word 'Oikonomia'. Its meaning is 'household  Production theory: This is the study of
management'. Economics was first read in ancient production—or the process of converting
Greece. Aristotle, the Greek Philosopher inputs into outputs. Producers seek to
termed Economics as a science of 'household choose the combination of inputs and
management'. Oikos and nomos methods of combining them that will
minimize cost in order to maximize their
Source: etymyonline.com
profits.
MICROECONOMICS
 Price theory: Utility and production theory
Microeconomics studies the decisions of individuals interact to produce the theory of supply and
and firms to allocate resources of production, demand, which determine prices in a
exchange, and consumption. competitive market. In a perfectly
competitive market, it concludes that the
Microeconomics deals with prices and production in price demanded by consumers is the same
single markets and the interaction between different supplied by producers. That results in
markets but leaves the study of economy-wide economic equilibrium.
aggregates to macroeconomics.
Source:
Microeconomics is the study of what is likely to https://www.investopedia.com/terms/m/microecono
happen (tendencies) when individuals make mics.asp
choices in response to changes in incentives,
prices, resources, and/or methods of production.
Individual actors are often grouped into
microeconomic subgroups, such as buyers, sellers,
and business owners. These groups create
the supply and demand for resources, using money
and interest rates as a pricing mechanism for
coordination.
General Equilibrium Theory
developed by Léon Walras in Elements of Pure
Economics (1874)
Partial Equilibrium Theory
introduced by Alfred Marshall in Principles of
https://www.economicshelp.org/blog/6796/economics/
Economics (1890).
difference-between-microeconomics-and-
Neoclassical Economics macroeconomics/
focuses on how consumers and producers make
rational choices to maximize their economic well
being, subject to the constraints of how much
income and resources they have available. 
Key Concepts in Microeconomics
 Incentives and behaviors: How people, as
individuals or in firms, react to the situations
with which they are confronted.
 Utility theory: Consumers will choose to
purchase and consume a combination of
goods that will maximize their happiness or