Microeconomics

<This article is being completely rebuilt>

Microeconomics is the branch of economics that deals with transactions between suppliers and consumers, acting individually or in groups. It is conventionally defined as being concerned with the allocation of scarce resources among alternative uses, but it is really about such down-to-earth matters as the way consumers' and suppliers' decisions affect the prices and the output of goods and services. Its practical importance arises from the influence of those decisions upon people's wellbeing.

Markets

(to includecompetition)

How it works out

(to includeeconomic efficiency)

Welfare consequences

(to include economic welfare)