Meaning of the word microeconomics in English

What does microeconomics mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

microeconomics

US /ˌmaɪ.kroʊ.iː.kəˈnɑː.mɪks/
UK /ˌmaɪ.krəʊ.iː.kəˈnɒm.ɪks/
"microeconomics" picture

Noun

the part of economics concerned with single factors and the effects of individual decisions

Example:
Studying microeconomics helps understand consumer behavior.
The course covers both microeconomics and macroeconomics.