Microeconomics is a sub-section of economics that places attention on the behavior of individuals within a market. Unlike macroeconomics, which focuses on broadly applied regulations and trends, microeconomics is concerned with the decisions that consumers or firms make, and the factors that may determine their behavior.
Microeconomics also engages with the idea of scarcity quite often, scarcity meaning the limited availability of resources. Microeconomics assumes that, under the conditions of scarcity, actors behave such that their desires are balanced with a finite supply of goods.
Microeconomics seeks to determine a set of patterns which explain consumers’ behavior or firms based on the constraints of scarcity.