It's meaning
Microeconimcs is the study of the economic actions of individual and small groups of individuals. This includs "the study of particular firms, particular households, individual prices , wages, income, individual industries, particular commodities." It concerns itself with analysis of price determination and the allocation of industry, the wage of a particular type of labour, the price of a particular commodity like rice, tea, or car are some of the fields of microeconomic theory. In the words of Ackley: "Microeconomics deals with the division of total output among industries, products and firms and the allocations of resources among competing groups. It considers problems of income distribution. It interest is in relative prices of particular goods and services."
Microeconomics is, in fact, a microscopic study of the economy, according to Maurice Dobb. It is like looking at the economy through a microscope to find out the working of markets for individual commodities and the behaviour of individual consumers and produsers. In other words, in microeconomics we study the interrelationships of individual households and individual firms, and individual firms and individual industries to each other. In this sense, microeconomics involves the study of aggregates.
