Individual choices in response to changing economic factors categorized by subgroups of buyers, sellers and business owners is Microeconomics.
Microeconomics is the study of how people make decisions at a lower level as it relates to allocation of resources and prices at which they trade goods and services. It centres mainly on issues that has to do with individuals, firms and companies.
Example of microeconomics includes prices of items, demand and supply of goods and services.
Therefore, microeconomics shows how individuals make choices in response to changing economic factors categorized by subgroups of buyers, sellers and business owners.
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