MICROECONOMICS IS 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 PARTICULARLY, MICROECONOMICS FOCUSES ON PATTERNS OF SUPPLY AND DEMAND AND THE DETERMINATION OF PRICE AND OUTPUT IN INDIVIDUAL MARKETS.
EXAMPLE: COFFEE INDUSTRY
