Microeconomics
is the study of the economic concepts related to individual or an aggregate of
a small market. Individual behaviour in
buying and selling as well as enable the flow of capital and labour to freely interact either directly or
indirectly to give maximum benefits are broadly studied in microeconomics. In
addition, entrepreneurship process for planning, organizing and directing
resources effectively to ensure production at a personal level is at maximum.
Microeconomics as a discipline helps individuals especially in planning for
their limited resources to meet their future unforeseen events. Saving and
budgeting, for instance, are key
components of microeconomic studies.
However,
there are several challenges associated with microeconomics in the real
economic sense. The challenges are addressed to equip the student with
knowledge and skills that would effectively foster personal development. The
scarcity of available resources to satisfy the unlimited wants requires them to
make choices on which want to satisfy first by setting preferences and
opportunity costs in their spending. This prudence in resource allocation to
major needs to counter scarcity as a major threat
to economic modelling is a pure intention to instil
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