Microeconomics is the study of choice making. It focuses on individual parts of the economy, such as individual consumers, firms, and markets, and analyzes the decision-making process of these economic agents. Microeconomics examines how individuals and firms make choices in the face of scarcity, which is the fundamental problem of economics.

Microeconomics studies the behavior of individual economic agents and how their choices impact the allocation of resources in the economy. It analyzes various factors that influence decision-making, such as prices, costs, benefits, preferences, and constraints. The goal of microeconomics is to understand the behavior of economic agents and how their decisions affect the overall functioning of the economy.

Key Points:
1. Study of Individual Parts: Microeconomics focuses on individual parts of the economy, such as consumers, firms, and markets.
2. Choice Making: Microeconomics studies the decision-making process of economic agents and how their choices impact the allocation of resources.
3. Scarcity: Microeconomics recognizes that resources are limited, and individuals and firms have to make choices to allocate these scarce resources efficiently.
4. Factors Influencing Decision-Making: Microeconomics analyzes various factors that influence decision-making, such as prices, costs, benefits, preferences, and constraints.
5. Impact on the Economy: The decisions made by individual economic agents have implications for the overall functioning of the economy, such as resource allocation, production, consumption, and distribution.

In conclusion, microeconomics is the study of choice making and analyzes the behavior of individual economic agents. It focuses on understanding how individuals and firms make decisions in the face of scarcity and how these decisions impact the allocation of resources in the economy.